Page 548 - MOE ENGLISH PR REPORT - JULY 2024

7/15/24, 3:24 PM Ministry Of Economy Reviews New Competition Regulation Law And Its Role In Developing Regulatory & Legislative Frameworks T…

Ministry Of Economy Reviews New Competition

Regulation Law And Its Role In Developing

Regulatory & Legislative Frameworks To

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7/11/2024 7:12:03 AM

(MENAFN- Dubai PR Network) New law to combat monopolistic practices by ensuring a
stimulating environment for enterprises

Abu Dhabi, 11 July 2024 :

The Ministry of Economy organized a media briefing to review the federal Decree-Law No.

36 of 2023 on competition regulation, which aims to promote and protect competition in the
country, combat monopolistic practices, counter harmful economic concentration of

consumers, support the growth of economic sectors and boost productivity, thus enhancing
the country's attractiveness to domestic and foreign investments.

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, said: 'The law

marks a new milestone in the UAE's efforts to develop a leading legislative system for
competition in accordance with global best practices. It provides a comprehensive legal

framework to enhance the role of competition in the 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.”

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