Ministry of Economy Reviews Federal Decree-Law on Competition Regulation

UAE, 12 July, 2024 :  The Ministry of Economy held a media briefing to review Federal Decree-Law No. 36 of 2023 on competition regulation. This new law aims to promote and protect competition, combat monopolistic practices, counter harmful economic concentration, support economic sector growth, and enhance productivity, boosting the UAE's attractiveness for investments.

Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, highlighted the law's significance in developing a leading legislative system for competition in line with global best practices. He emphasized that the legislation was developed in collaboration with 14 federal and local entities and based on international studies to create a modern, comprehensive framework for competition.

The law aims to combat monopolistic practices, enhance competitiveness, protect consumer interests, and promote economic freedom. Key provisions include preventing abuse of economic dependency, prohibiting predatory pricing, covering all economic concentration processes, and promoting consultation and collaboration among federal, local, and sectoral entities.

The Ministry detailed the law's role in fostering competition, providing consumer freedom, and encouraging fair competition among businesses. The law also regulates both physical and virtual markets, aligning with international market dimensions and ensuring a clear regulatory framework for digital markets.

The Ministry of Economy is tasked with implementing competition policies, coordinating with relevant authorities to combat anti-competitive practices, preparing a registry of notices and complaints, and investigating anti-competitive practices. The Ministry reiterated its commitment to working with public and private sectors to achieve a competitive market based on fairness and efficiency.

The briefing session emphasized the new law's role in improving the business environment, raising awareness of competition's significance, and enhancing the UAE's position in global economic competitiveness. The law defines competition as conducting economic activities based on market mechanisms and outlines conditions for economic concentration operations.

Relevant establishments must submit an application to the Ministry of Economy 90 days before completing economic concentration operations, with required documents. The law also assigns new responsibilities to the Competition Regulation Committee, including proposing policies for protecting competition and making recommendations to the Minister.

The Ministry aims to cultivate a culture of competition, ensuring the sustainability and growth of the national economy for the next 50 years. The new law aligns with the 'We the UAE 2031' vision, aiming to establish the UAE as a global hub for the new economy.

Source : www.wam.ae