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, SPA reported.
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 said the objectives aim to improve a sustainable business atmosphere, foster economic growth, and advance consumer welfare.
Al-Masoud 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.