The General Authority for Competition in Saudi Arabia announced the approval of the Saudi Council of Ministers on the new competition system, which aims at enhancing the competitive environment and combat the monopoly practices in the markets and sustain the economic growth and create an attractive investment environment.
According to the authority, the new system deals with the rights of market participants, stimulates the growth of the national industries, encourages businesses and supports the effectiveness of precautionary measures and provides justice to the merchant and the consumer. The scope of the system includes all establishments operating in the Saudi market and all practices that occur outside the Kingdom when they have a non-competitive effect within the Kingdom.
The new system includes organizational updates in the context of the diversification of effective tools that ensure the organization to implement fair competition policies in the markets with flexibility and efficiency and to develop procedures for examining the applications of economic concentration, including mergers and acquisitions.
Source (CNBC Arabic Website, Edited)
