RIYADH: 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.
