Riyadh: According to the Arab Business Legislative Frameworks (ABLF) 2023 report, issued by the United Nations Economic and Social Commission for Western Asia (ESCWA), Saudi Arabia’s competition regulatory framework score progressed from ‘Developed’ in 2020 to ‘Very Strong’ in 2023.
The methodology for assessing the framework for the ABLF 2023 report takes into consideration eight main components: competition laws, international trade agreements, anti-dominance and monopolization laws, cartels and anti-competitive agreements, labor protection, competition enforcement practices, liberalization and state intervention in regulated sectors, and merger regulatory regime.
The report found that the country scored a perfect 7 out of 7 in the merger regulatory regime component.
General Authority for Competition Spokesperson Saad Al Masaud attributed this achievement to the Saudi leadership’s support for Vision 2030 goals, which aim to create a sustainable business environment, boost economic growth, and improve con
sumer welfare.
He attributed the positive results to key advancements in various areas, including stricter laws against monopolies and anti-competitive agreements, enhanced oversight of economic concentrations, and a focus on maintaining a fair and transparent competitive business environment.
The ABLF report offers a comprehensive assessment of 22 Arab countries, covering five key legislative fields that influence the business environment in the Arab region: competition, consumer protection, anti-corruption, foreign direct investment, and corporate law.
Source: Saudi Press Agency