Page 546 - MOE ENGLISH PR REPORT - JULY 2024

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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 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.

Competition and Economic Concentration

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.

The law specifies a set of conditions to complete economic concentration operations that would affect the

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