Page 520 - MOE ENGLISH PR REPORT - JULY 2024

Undersecretary of the Ministry of Economy, Abdullah Ahmed Al Saleh, said,
"The law marks a new milestone in the UAE’s efforts to develop a leading
legislative system for competition in accordance with global best practices. It

provides a comprehensive legal framework to enhance the role of competition
in the growth of the national economy and the business environment in the
country."

"The preparation phase of this legislation saw concerted national efforts. The

Ministry of Economy followed a proactive, flexible and forward-looking
approach in its development in cooperation and coordination with 14 federal
and local government entities in the country, in addition to drawing on
international reports and studies specialised in competition. This was to

ensure the development of a modern, comprehensive legislation that supports
the country's efforts to introduce a new framework for competition and create
an enabling environment for enhanced competitiveness. Ensuring consumer
protection from anti-competitive practices in the context of operationalisation
of new market mechanisms, the promotion of economic efficiency, marketing

and R&D are also key goals,” he added.

Al Saleh continued, "The new law aims to combat monopolistic practices by

ensuring a stimulating environment for enterprises, contributing to enhancing
effectiveness, competitiveness and protecting consumer interests. It also
promotes the market economy and economic activities in line with the
principle of economic freedom and ensures that economic concentration is
monitored. Its articles address all conditions that may undermine, limit,

prevent or restrict competition."

The Ministry reviewed the highlights of the new Competition Regulation Act in
detail and its role in promoting competition and providing greater consumer

freedom while purchasing commodities and encouraging investors and
companies in various economic activities to engage in fair competition.

The new legislation:
- Establishes a new dynamic in regulating competition in the country as a

catalyst for investment and doing business. The law also contributes to the
regulation of the markets – both physical and virtual - in line with the growth in

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regulation-law