Tuesday, July 16, 2024
Today’s News

UAE Unveils New Competition Law That Forbids Businesses From Charging “Extremely Low” Prices

The United Arab Emirates forbids businesses from using monopolistic tactics to drive out rival enterprises by offering or enforcing extremely low prices for production, transfer, and marketing.

According to the new law, competition is the process of carrying out economic operations using market mechanisms—as long as those mechanisms don’t interfere with trade, development, or consumer interests. This was done to safeguard the rights of consumers in the nation, ensure fair competition, and forbid monopolistic practices for any business. Mergers and acquisitions (M&As) in the local market will also be governed by the law.

To guarantee fair competition policies across the nation, the ministry will keep an eye on things and keep in touch with local authorities regarding inspections. If the authority receives a complaint, it may also take action.

The Federal Decree-Law No. 36 of 2023 on competition regulation, which protects and fosters competition, opposes monopolistic practices, and counteracts detrimental economic concentration of consumers in the United Arab Emirates, was unveiled during a press briefing.

The Cabinet’s approval is pending before the fines and penalties for the companies are made public. The new law, according to Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, intends to prevent monopolistic practices by guaranteeing a stimulating environment for businesses, boosting their efficacy and competitiveness, and safeguarding the interests of consumers.

Also Read:

The President Praises the UAE’s Ongoing Progress on Clean Energy Initiatives

UAE is Developing a System of Intellectual Property that is Competitive


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Tuesday, July 16, 2024

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