Page 542 - MOE ENGLISH PR REPORT - JULY 2024

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 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.
The Ministry reiterated its unwavering commitment to working alongside its partners
from both the public and private sectors to achieve these goals. Its primary objective is
to foster a competitive market in the UAE that is built upon principles of fairness,
equality, and efficiency.

These include the expansion of activities across various economic sectors in order to
improve the overall business environment within the country. Moreover, the Ministry
aims to raise awareness on the significance of cultivating a culture of competition
among consumers and private sector, ensuring the sustainability and growth of the
national economy for the next 50 years. Furthermore, it highlighted that the new Law will
enhance the UAE's position in numerous global economic competitiveness indicators.
National efforts are currently underway to develop a more agile and sustainable
competitive system, including the launch of more pioneering legislation, initiatives, and
programs, to be implemented with the ultimate objective of establishing the UAE a
global hub for the new economy within the next decade, in line with the objectives
outlined in the 'We the UAE 2031' vision.

The new law defines competition as the act of conducting economic activities based on
market mechanisms without affecting or restricting such mechanisms, which could harm
trade, development, and consumer interests. The law clarifies that economic
concentration is any act resulting in complete or partial transfer (merger or acquisition)
of the ownership or usufruct rights of property, rights, equity, shares or obligations of an
establishment to another, empowering the establishment or a group of establishments
to directly or indirectly control another establishment or group of establishments.

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