Page 541 - MOE ENGLISH PR REPORT - JULY 2024

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 operationalisation 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

https://www.sharjah24.ae/en/Articles/2024/07/11/Ministry-of-Economy-reviews-new-
Competition-Regulation-law