GAC submits draft National Competition Policy for approval

The General Authority for Competition (GAC) submitted the draft National Competition Policy to the competent authorities for approval.

The policy aims to unify the joint efforts of government agencies to establish the rules and principles of fair competition in the markets, Al Eqtisadiah newspaper reported, citing an official source.

The draft includes researching markets and economic sectors to identify competition challenges and developing reforms to overcome obstacles. It also covers the study and review of new and existing laws and regulations, as well as the evaluation of general economic policies, according to the source.

The draft policy aims to enhance the culture of competition among regulators, the private sector, and consumers, as well as raise awareness of the benefits and support that fair competition can bring to economic activity.

Further, the draft contributes to encouraging competition in its broad sense, as well as stimulating production capacity and market competitiveness within Saudi Arabia's comprehensive development framework and in line with Vision 2030.