Page 547 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:24 PM Latest News
level of competition in the relevant market, and in particular create or strengthen a dominant position. The
relevant establishments are required to submit an application on the form designated for this purpose to the

Ministry of Economy at least 90 days prior to the completion thereof and shall attach the required documents.

Pursuant to the new law, there are two conditions that must be satisfied in order to successfully complete the
process of economic concentration. The first condition indicates that the total value of annual sales of such

establishments in the relevant market, for the last fiscal year, shall exceed the amount determined by the
Cabinet, upon the Minister's proposal. The second condition states that the total share of such

establishments shall exceed the percentage of the total transactions in the relevant market during the last
fiscal year, as determined by the Cabinet. The Executive Regulation of this law establishes the controls of
submitting the application for economic concentration, the documents to be attached, and its examination

mechanisms.

Responsibilities of Competition Regulation Committee

The law assigns new responsibilities to the Competition Regulation Committee as well. These include

proposing the general policy for protecting competition in the country and presenting it to the Minister to take
necessary actions. The Committee is also responsible for scrutinizing issues related to the application of the

provisions of this law and making recommendations thereon to the Minister. Additionally, it will propose
legislation and measures for protecting competition in the UAE.

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