Page 522 - MOE ENGLISH PR REPORT - JULY 2024

These include the implementation of the competition policies in collaboration
with federal and local entities in the country and coordinating with relevant

authorities to combat any form of activities or practices in breach of the
provisions of the law.

Other responsibilities include the preparation of a registry of notices and
complaints, information collection, and investigation of anti-competitive

practices based on complaints or on its own initiative, thus addressing such
practices in cooperation with relevant authorities and providing
recommendations to the Minister of Economy on decisions to be taken in this
regard.

The Ministry reiterated its unwavering commitment to working alongside its
partners from both the public and private sectors to achieve these goals. Its
primary objective is to foster a competitive market in the UAE that is built upon
principles of fairness, equality, and efficiency.

These include the expansion of activities across various economic sectors in
order to improve the overall business environment within the country.

Moreover, the Ministry aims to raise awareness on the significance of
cultivating a culture of competition among consumers and private sector,
ensuring the sustainability and growth of the national economy for the next 50
years.

Furthermore, it highlighted that the new Law will enhance the UAE's position
in numerous global economic competitiveness indicators. National efforts are
currently underway to develop a more agile and sustainable competitive

system, including the launch of more pioneering legislation, initiatives, and
programs, to be implemented with the ultimate objective of establishing the
UAE a global hub for the new economy within the next decade, in line with the
objectives outlined in the 'We the UAE 2031' vision.

The new law defines competition as the act of conducting economic activities
based on market mechanisms without affecting or restricting such

https://en.aletihad.ae/news/uae/4499806/ministry-of-economy-reviews-new-competition-
regulation-law