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7/15/24, 3:24 PM UAE announces new competition law prohibiting firms from offering ‘very low’ prices - Informal Newz - Gulf
UAE announces new competition law

prohibiting firms from offering ‘very low’

prices

By Pravesh Kumar - July 11, 2024 44 0

- Advertisement -

The UAE is prohibiting companies from offering or applying very low prices for

production, transfer and marketing with a monopolistic approach to drive other
companies out of competition.

The new law defines competition as the act of conducting economic activities based on market

mechanisms, but not such mechanisms that harm trade, development and consumer interests.
This was aimed at ensuring fair competition and prohibition of monopolistic approaches for all
companies and also protecting consumers’ rights in the country. The law will also regulate

mergers and acquisitions (M&As) in the local market.

The ministry will monitor and communicate with local authorities for inspections to ensure fair
competitive practices in the country. The authority can also act in case of receiving a

complaint.

This was announced during a media briefing while revealing details of Federal Decree-Law No.
36 of 2023 on competition regulation which promotes and protects competition, combats
monopolistic practices, counters harmful economic concentration of consumers in the UAE.

The fines and penalties for the companies are under review and will be released once the

Cabinet approves.

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