Saudi Arabia starts applying new competition law

Saudi Arabia’s General Authority for Competition approved yesterday the draft competition executive regulations, which will be effective as of today Sep. 25, 2019.

The new regulation will be applied on all institutions across the Kingdom, except the state-wholly owned entities, in addition to other practices abroad.

According to the new regulations, practices among the competing entities are deemed obvious violations, if they raise, cut or fix the commodities’ prices, set sale/purchase terms, lead to partial or full commodity monopoly, or tender deviations.

In March, Saudi Arabia’s Cabinet ratified the new competition law after reviewing the recommendations submitted by the Council of Economic and Development Affairs and Shura Council.