Page 545 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:24 PM Latest News
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 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

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