Page 538 - 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…
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

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

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