Al-Eqtisad critiques the brand new legislation to manage competitors Al Khaleej Newspaper

Dubai: “The Gulf”

The Ministry of Economic system reviewed the Federal Decree Regulation Quantity (36) of 2023 concerning the regulation of competitors, which goals to advertise and shield competitors within the nation, fight monopolistic practices, fight financial blocs that dangerous to the buyer, help the expansion of financial sectors and improve productiveness, and improve the attractiveness of the nation for native and overseas investments.

Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economic system, mentioned at a media briefing in Dubai: “This legislation represents a brand new milestone within the state’s efforts to develop an revolutionary legislative system for competitors in step with worldwide greatest practices, because it gives a unified authorized framework to extend the position of competitors within the development of the nationwide financial system and the enterprise atmosphere at this stage.

He mentioned: “The levels of drafting the legislation noticed a concerted nationwide effort, because the Ministry of Economic system labored to develop it with a proactive and versatile strategy that anticipates tendencies in time to coming, in collaboration and coordination with 14 federal and native authorities businesses within the nation, in addition to counting on worldwide stories and research specialised within the discipline of competitors, to make sure that laws to difficulty an up to date and unified system that serves the state’s targets by growing a brand new work system for competitors, creating an appropriate atmosphere to extend competitiveness, and defending the buyer from the practices of the -competitive face throughout the framework of making use of new market mechanisms, growing financial effectivity, advertising and marketing, analysis and growth.”

• A brand new dynamic

Al Saleh continued: “The brand new legislation goals to fight monopolistic practices by offering a stimulating atmosphere for establishments that can contribute to growing effectivity and competitiveness and shield the curiosity of the person the precept of financial freedom, and ensures that the processes of financial accumulation are monitored, whereas it fights Its articles embrace something that will disrupt, restrict, stop or stop placed on a contest.

One of the apparent options of the legislation is the creation of a brand new dynamic within the administration of competitors within the nation as an incentive to speculate and do enterprise in keeping with growing the amount of commerce by fashionable technological means within the nation, and it’s suitable with the related market dimensions internationally, particularly since digital markets are a big space for competitors that requires a transparent regulatory framework that ensures the pursuits of firms and shoppers, and the introduction of controls that stop the abuse of a place of financial dependence, in order that any establishment is prohibited from doing with out justification any actions or actions that result in the abuse of a place of financial dependence. It’s also prohibited to supply or apply extraordinarily low costs for manufacturing, transformation and advertising and marketing prices when the aim or results of this observe is to exclude an institution or one in all its merchandise from the related market.

It contains every part associated to financial focus processes, their circumstances and strategies of research, in addition to together with flexibility within the requirements utilized in it to find out the method of financial focus, in order that it’s primarily based on the annual gross sales worth of the related institutions and never simply the entire quantity. part of those institutions associated to the method of financial focus.

The legislation included permitting events to precise their views concerning the draft financial focus request, and to supply any knowledge and knowledge that may help in inspecting the request, in accordance with worldwide greatest practices within the discipline of competitors.

And supporting the mixing between federal and native governments within the discipline of competitors legislation enforcement by giving the competent native authorities an important position, for the primary time, in contemplating points associated to anti-competitive practices and requests for financial focus on the stage of every. migration

And growing session and cooperation between numerous federal and native authorities and regional regulatory our bodies on numerous issues ruled by legislation, which can play an efficient position in implementing competitors coverage as wanted on the state stage.

• International competitiveness

The legislation strengthens the nation’s place in lots of indicators of worldwide financial competitiveness, and nationwide efforts proceed to enhance the competitors system, making it extra versatile and sustainable, and accepting extra laws, initiatives and progressive applications to make the UAE a world heart for the brand new financial system by the subsequent decade, in step with the targets of the imaginative and prescient “We’re the Emirates 2031.

The brand new legislation outlined competitors; It means utilizing financial exercise in accordance with market mechanisms with out the affect or limitation of those strategies which might have a detrimental influence on commerce, growth and the curiosity of the person. He defined: Financial focus is each motion that ends in a complete or partial switch (merger or acquisition) of possession or rights of use in property, rights, shares, shares, or obligations of an establishment to a different establishment that may permit an establishment or group of institutions to immediately or not directly acquire extra management over one other facility or group of amenities.