Page 527 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:22 PM MoE reviews new Competition Regulation law and its role in developing regulatory & legislative frameworks to promote 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 the volume of trade through modern technical means in the country.
It is aligned with the dimensions of the relevant international markets, especially since digital

markets constitute a significant area of competition that requires a clear regulatory framework that
ensures the interests of companies and consumers.
Introduces controls to prevent the abuse of the economic dependency situation so that any
enterprise is prohibited from conducting unjustified actions or actions leading to the abuse of the

economic dependency situation.
Prohibits the offer or application of very low prices for production, transfer and marketing when the
purpose or consequence of this practice is to exclude an enterprise or one of its products from the
market concerned.

Covers all economic concentration processes, conditions and control mechanisms, as well as
introduces flexibility in established criteria in the verification of the economic concentration
process, based on the annual sales value of the enterprises concerned and not only the total share
of such enterprises involved in the economic concentration process.

Enables relevant parties to express their views on the Application for Economic Concentration
project, and to provide any data or information that would help study the request, in line with global
best practices in the field of competition.
Supports the integration between the federal and local government in enforcing competition law

through the empowerment of local authorities by enhancing their roles for the first time in
addressing anticompetitive practices and applications for economic concentration across the
country.
Promotes consultation and collaboration among various federal, local, and sectoral regulatory

entities across different issues governed by the law, actively enforcing competition policy at the
national level.

Furthermore, the briefing session focused on the powers and responsibilities assigned to the Ministry of
Economy under the new Law. 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.

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