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7/15/24, 3:24 PM With A New Law, This Gulf Country Prohibits Firms From Offering Low Prices | TimelineDaily
As per the new law, competition is defined as the act of conducting economic

activities based on market mechanisms. This was brought into force to ensure fair
competition prohibition monopolistic approaches for all companies and also

protecting consumers’ rights in the country, reports Khaleej Times.

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The law will take into account of the annual sales of the enterprises concerned

and not only the total share of such enterprises involved in the economic

concentration process.

The new competitive law 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, and

counters harmful economic concentration of consumers in the UAE.

Once the law is approved by the Cabinet, fines and penalties for the companies
that are under review currently will be released.

The ministry will also 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.

It also added that the ministry is open to accepting the companies’ views on the
Application for Economic Concentration project and will also provide any data or

information that would help study the request.

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Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, said the
new law aims to combat monopolistic practices by ensuring a stimulating

environment for enterprises, contributing to enhancing effectiveness, and

competitiveness and protecting consumer interests.

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