Saudi Gazette report
RIYADH — Saudi Arabia has been awarded the highest evaluation, "Very Strong," in the 2023 Competition Law Systems Report by the United Nations Economic and Social Commission for Western Asia (ESCWA).
This top rating signifies a marked improvement over the "Strong" rating the country received in 2017 and 2020, highlighting significant advancements in its competition policy frameworks and enforcement against unfair market practices.
Saad Al Masoud, the official spokesman for the General Authority for Competition, noted that this achievement reflects the substantial government support provided to the authority, which aligns with the objectives of Saudi Arabia’s Vision 2030 to bolster economic growth and enhance consumer welfare.
Al Masoud further explained that the progress noted in the report stems from major developments across several areas, including legislation against monopolistic behaviors and anti-competitive agreements, as well as improved processes for reviewing economic concentrations.
According to ESCWA, Saudi Arabia has made notable strides in implementing competition policy between 2019 and 2022, following legislative amendments and the introduction of guidelines aimed at clarifying the legal and economic dimensions of competition.
The implementation of these policies since 2021 has yielded tangible outcomes, enhancing the business environment within the country. The report also emphasized the crucial role of legislative frameworks in preventing anti-competitive practices such as abuse of dominance, noting that these measures are instrumental in encouraging companies to enhance product quality, reduce prices, and foster innovation.
The evaluation methodology used in the report includes analysis of eight main components: international trade agreements, regulatory frameworks for merger transactions, competition laws, anti-hegemony and anti-monopoly laws, enforcement practices, worker protection, market liberalization, and interventions related to competition and disruptive arrangements.
