Arab News, Thu, May 09, 2024 | Dhu al-Qadah 1, 1445
Saudi Arabia achieves highest evaluation level in UN’s Competition Law Systems Report
Saudi Arabia:
Saudi Arabia has received global recognition from a UN commission for its robust
legal framework and “very strong” competition law.
The Kingdom attained the highest evaluation level
in the Competition Law Systems Report for 2023, issued by the UN Economic and
Social Commission for Western Asia, surpassing the “developed” level achieved in
2020, according to the Saudi Press Agency.
The Competition Law Index measures the strictness
of regulations and is categorized according to the maturity of eight key
criteria.
The Kingdom achieved a perfect score of seven in
the index concerning regulatory frameworks for economic concentration
operations.
Saad Al-Masoud, the spokesperson for the General
Authority for Competition, affirmed that this advancement reflects the support
GAC receives from the wise leadership to achieve the goals of Vision 2030
programs.
He added that these objectives aim to improve a
sustainable business atmosphere, foster economic growth, and advance consumer
welfare.
Al-Masoud further noted that this achievement is
the result of significant developments in several areas, including laws
combating monopolistic practices and anti-competitive agreements, as well as his
authority’s efforts to review economic concentrations.
He also said that several additional factors have
contributed to upholding the competitive landscape of the business sector,
ensuring fairness, transparency, and adherence to reasonable competition
regulations.
An initial competition system was established in
Saudi Arabia in 2004, and in October 2017 the Kingdom’s Council of Ministers
endorsed the change of the name to the GAC and a new organizational structure.
The authority was also made a financially and
administratively independent entity, and in March 2019, another royal decree was
issued approving the updated competition system.
Since its inception 20 years ago, GAC has imposed
fines totaling nearly SR1 billion ($270 million) on around 252 companies found
to be violating its regulations, according to a recent interview Al-Masoud
conducted with Arab News.
As a prominent regulatory body, it aims to
safeguard the integrity of market mechanisms while fostering innovation and
diversity in products and services.