UAE Ministry of Economy Proposes New Competition Regulation Law

UAE Ministry of Economy Reviews New Competition Regulation Law

To assess the Federal Decree-Law on Competition Regulation, the UAE Ministry of Economy organized a press conference. This law aims to protect and foster competition within the nation, promote the expansion of economic sectors, and raise productivity. By doing so, it seeks to increase the nation’s appeal to both domestic and foreign investors. This important development was reported by Emirates News Agency (WAM), a partner of TV BRICS.

Significance of the New Law

Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, highlighted the significance of the new law. He stated, “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.”

Goals and Objectives

The primary goal of the new law is to provide businesses with incentives while fostering productivity, innovation, and consumer safety. This legislative measure ensures the monitoring of economic concentration. It encourages the growth of the market economy and economic activity in line with the idea of economic freedom. By creating a robust framework, the law supports the healthy development of the business landscape in the UAE.

Market Regulation and Technological Expansion

The law supports market regulation, both virtual and physical, aligning with the expansion of trade in the nation using contemporary technological means. This aspect of the law is significant given the rapid growth of digital trade and the increasing importance of virtual markets in the global economy. The law’s provisions are designed to keep pace with these developments. This ensures that the UAE remains competitive and attractive to investors.

Focus on Consumer Protection

In addition to fostering a competitive environment, the law emphasizes consumer protection. By promoting fair competition, the law aims to prevent monopolistic practices. This ensures that consumers have access to a variety of goods and services at fair prices. This focus on consumer welfare is a key component of the UAE’s broader economic strategy.

Collaborative Efforts and Global Alignment

The press conference highlighted the collaborative efforts involved in drafting the new law. Various stakeholders, including government officials, industry experts, and representatives from the private sector, contributed to the development of the legislation. Their input was crucial in shaping a law that reflects the needs and aspirations of the UAE’s diverse economic landscape.

Abdullah Ahmed Al Saleh underscored the law’s alignment with global best practices. By adopting international standards, the UAE aims to position itself as a leader in competition regulation. This alignment not only enhances the country’s economic standing but also ensures that its legal framework is compatible with those of other leading economies, facilitating smoother international trade and investment.

Driving Innovation

The new competition law is also seen as a tool for driving innovation. By fostering a competitive environment, the law encourages businesses to innovate. This leads to the development of new products and services. This innovation drive is expected to contribute significantly to the UAE’s long-term economic growth and sustainability.

The Federal Decree-Law on Competition Regulation represents a significant step forward in the UAE’s economic development. By promoting competition, fostering innovation, and ensuring consumer protection, the law aims to create a vibrant and dynamic business environment. The UAE Ministry of Economy’s efforts to develop and implement this law reflect its commitment to fostering a competitive, innovative, and inclusive economy that is attractive to investors and beneficial to all its citizens.