Ministry of Economy has announced the Federal Decree-Law No. 36 of 2023 on competition regulation

The Federal Decree-Law No. 36 of 2023 on competition regulation was unveiled by the Ministry of Economy, marking a major advancement for the UAE's economic environment. By promoting and defending competition, opposing monopolistic behavior, and fostering the expansion of economic sectors, this new legislation seeks to increase productivity and improve the nation's attractiveness to both foreign and domestic investors.

The following are the new law's main objectives: 

- Preventing monopolistic behavior to foster an atmosphere that is conducive to business. 

- Preserving consumer interests while advancing the market economy and economic activity. 

- Economic concentration should be monitored and controlled to stop actions that could stifle, restrict, or undermine competition.

A number of significant measures are introduced under the new law to promote fair competition: 

- Creates an adaptable regulatory framework that conforms to global market dimensions for both physical and digital markets. 

- Forbids businesses from taking advantage of economic dependency circumstances and from putting their prices low in an effort to exclude customers. 

- Covers every facet of economic concentration procedures using criteria that are flexible and based on yearly sales figures. 

- Promotes involvement of stakeholders in applications related to economic concentration and facilitates coordination between federal and local authorities.

Under the new law, the Ministry of Economy described its duties, which comprise: 

- Putting competition laws into practice while working with national, state, and local organizations. 

- Coordinating the fight against activities that hinder competition. 

- Keeping track of grievances and looking into instances of anti-competitive behavior. 

- Advising the Economy Minister on the appropriate course of action. 

The Ministry reaffirmed its dedication to promoting a market that is competitive and based on equity, equality, and efficiency. The law seeks to enhance the business climate in a number of economic sectors and increase public understanding of the value of competition. This program is a component of the UAE's overarching goal to become a worldwide center for the new economy by 2031.