Saudi Arabia Receives Global Recognition for Strong Competition Law
In a recent report by the UN Economic and Social Commission for Western Asia, Saudi Arabia has been praised for its robust legal framework and “very strong” competition law. The Kingdom has achieved the highest evaluation level in the Competition Law Systems Report for 2023, surpassing its previous level achieved in 2020.
Perfect Score in Competition Law Index
The Competition Law Index measures the strictness of regulations and Saudi Arabia achieved a perfect score of seven in the index concerning regulatory frameworks for economic concentration operations. This recognition highlights the Kingdom’s commitment to creating a fair and competitive business environment.
Support from Wise Leadership
Saad Al-Masoud, the spokesperson for the General Authority for Competition, credited the support from the wise leadership for this achievement. He emphasized that the goals of Vision 2030 programs include improving a sustainable business atmosphere, fostering economic growth, and advancing consumer welfare.
Significant Developments in Various Areas
Al-Masoud noted that the Kingdom has made significant developments in combating monopolistic practices, anti-competitive agreements, and reviewing economic concentrations. These efforts, along with other factors, have contributed to upholding a competitive landscape in the business sector.
Establishment of General Authority for Competition
The General Authority for Competition was established in Saudi Arabia in 2004 and underwent changes in 2017 to become an independent entity with a new organizational structure. Since then, the authority has been actively enforcing competition regulations and imposing fines on companies found to be violating them.
Promoting Market Integrity and Innovation
As a prominent regulatory body, the General Authority for Competition aims to safeguard market mechanisms, promote innovation, and ensure diversity in products and services. Its efforts contribute to creating a fair and transparent business environment in Saudi Arabia.