Khaberni - The financial and economic committee in the Senate, headed by Senator Rajai Al-Maasher on Monday, approved the modified project of the Competition Law for 2025, with some amendments, in the presence of the Minister of Industry, Trade and Supply Yarub Al-Qudah.
The justifications for the "Modified Competition" aim to protect free and effective competition in the market and to develop mechanisms for implementing it in the kingdom in a manner consistent with the best global practices, alongside enhancing the role of the advisory body by forming a "Competition Affairs Council", defining its functions, and how its members are appointed, the mechanism of its meetings, and decision-making process.
It also aims to ensure the independence of the department’s work by providing sufficient degree of technical independence, executive powers, decision-making mechanisms, developing tools for investigating complaints, and authorities to initiate these at the public prosecutor, and to manage investigations in competition cases and intensify punishments against those who repeatedly violate the law provisions.
It also aims to enhance the tools for detecting competition-damaging practices through granting exemption from the fine penalty to those who proactively inform the department about their involvement in any practices, alliances, or agreements prohibited by the law, provided they present evidence of the violation before it is detected.
