Page 537 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:23 PM Ministry of Economy reviews new Competition Regulation law and its role in developing regulatory & legislative frameworks to prom…

Ministry of Economy reviews new Competition

Regulation law and its role in developing regulatory

& legislative frameworks to promote

New law to combat monopolistic practices by ensuring a stimulating environment for enterprises

Abu Dhabi, 11 July 2024:

The Ministry of Economy organized a media briefing to review the Federal Decree-Law No. 36 of 2023 on

competition regulation, which aims to promote and protect competition in the country, combat monopolistic
practices, counter harmful economic concentration of consumers, support the growth of economic sectors and
boost productivity, thus enhancing the country's attractiveness to domestic and foreign investments.

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, 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.'

He added: '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
specialized 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
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