Saudi Arabia's Robust Competition Law Earns Top UN Evaluation, Surpassing Developed Countries
Saudi Arabia has been recognized by the UN for its strong competition law and robust legal framework, achieving the highest evaluation level in the UN Economic and Social Commission for Western Asia's Competition Law Systems Report for 2023.
The Kingdom received a perfect score of seven in the Competition Law Index for regulatory frameworks for economic concentration operations.
This advancement reflects the support the General Authority for Competition receives from the Saudi leadership to achieve the goals of Vision 2030 programs.
The text discusses the objectives of the General Authority for Competition (GAC) in Saudi Arabia, which aim to promote a sustainable business environment, economic growth, and consumer welfare.
These goals have been achieved through the implementation of laws against monopolistic practices and anti-competitive agreements, as well as the review of economic concentrations.
The GAC was established in 2004 and underwent a name change and organizational restructuring in 2017.
Other factors contributing to the competitive landscape include fairness, transparency, and adherence to competition regulations.
The text is about the General Authority for Competition (GAC) in Saudi Arabia, which was made financially and administratively independent in 2019.
The updated competition system was approved in a royal decree.
Since its establishment 20 years ago, GAC has imposed fines totaling SR1 billion ($270 million) on approximately 252 companies for violating its regulations.
The GAC's role is to protect market mechanisms and encourage innovation and diversity in products and services.
This advancement reflects the support the General Authority for Competition receives from the Saudi leadership to achieve the goals of Vision 2030 programs.
The text discusses the objectives of the General Authority for Competition (GAC) in Saudi Arabia, which aim to promote a sustainable business environment, economic growth, and consumer welfare.
These goals have been achieved through the implementation of laws against monopolistic practices and anti-competitive agreements, as well as the review of economic concentrations.
The GAC was established in 2004 and underwent a name change and organizational restructuring in 2017.
Other factors contributing to the competitive landscape include fairness, transparency, and adherence to competition regulations.
The text is about the General Authority for Competition (GAC) in Saudi Arabia, which was made financially and administratively independent in 2019.
The updated competition system was approved in a royal decree.
Since its establishment 20 years ago, GAC has imposed fines totaling SR1 billion ($270 million) on approximately 252 companies for violating its regulations.
The GAC's role is to protect market mechanisms and encourage innovation and diversity in products and services.
Translation:
Translated by AI
