Page 550 - 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…
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,

https://menafn.com/1108431457/Ministry-Of-Economy-Reviews-New-Competition-Regulation-Law-And-Its-Role-In-Developing-Regulatory-Legislative-… 3/4