UAE Ministry of Economy considers new competition regulation law
The ministry aims to raise awareness of the importance of developing a culture of competition among consumers and private sector
In order to assess the Federal Decree-Law on Competition Regulation, which aims to protect and foster competition in the nation, promote the expansion of economic sectors, and raise productivity, all of which will increase the nation's appeal to both domestic and foreign investors, the UAE Ministry of Economy organised a press conference. This is reported by Emirates News Agency (WAM), a partner of TV BRICS.
“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,"stated Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy.
The goal of the new law is to provide businesses with incentives while fostering productivity, innovation, and consumer safety. Additionally, it guarantees the monitoring of economic concentration and encourages the growth of the market economy and economic activity in line with the idea of economic freedom.
The source claims that the law also supports market regulation, both virtual and physical, in keeping with the expansion of trade in the nation using contemporary technological means.
Photo: iStock
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