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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

        Promote





          Date                      Share on Facebook     Tweet on Twitter
          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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