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7/15/24, 3:25 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

Jul 11, 2024 (MENAFN via COMTEX) --
(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."
He continued: 'The new law aims to combat monopolistic practices by ensuring a stimulating environment for enterprises,
contributing to enhancing effectiveness, competitiveness and protecting consumer interests. It also promotes the market
economy and economic activities in line with the principle of economic freedom and ensures that economic concentration is
monitored. Its articles address all conditions that may undermine, limit, prevent or restrict competition.'

The Ministry reviewed the highlights of the new Competition Regulation Act in detail and its role in promoting competition
and providing greater consumer freedom while purchasing commodities and encouraging investors and companies in
various economic activities to engage in fair competition. The new legislation

Establishes a new dynamic in regulating competition in the country as a catalyst for investment and doing business.
The law also contributes to the regulation of the markets - both physical and virtual - in line with the growth in the
volume of trade through modern technical means in the country. It is aligned with the dimensions of the relevant
international markets, especially since digital markets constitute a significant area of competition that requires a
clear regulatory framework that ensures the interests of companies and consumers.
Introduces controls to prevent the abuse of the economic dependency situation so that any enterprise is prohibited
from conducting unjustified actions or actions leading to the abuse of the economic dependency situation.
Prohibits the offer or application of very low prices for production, transfer and marketing when the purpose or
consequence of this practice is to exclude an enterprise or one of its products from the market concerned.
Covers all economic concentration processes, conditions and control mechanisms, as well as introduces flexibility in
established criteria in the verification of the economic concentration process, based on the annual sales value of the
enterprises concerned and not only the total share of such enterprises involved in the economic concentration
process.
Enables relevant parties to express their views on the Application for Economic Concentration project, and to
provide any data or information that would help study the request, in line with global best practices in the field of
competition.
Supports the integration between the federal and local government in enforcing competition law through the
empowerment of local authorities by enhancing their roles for the first time in 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.

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