Page 534 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:22 PM Ministry of Economy reviews new Competition Regulation law and its role in developing regulatory & legislative frameworks to prom…
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
operationalization of new market mechanisms, the promotion of economic efficiency, marketing and R&D are also

key goals.”

He 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 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 anti-competitive
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

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