The General Authority for Competition (GAC) has launched an educational campaign for the new competition Law entitled "The new Competition Law: Diversity and Innovation". The campaign aims to inform the business sector of the new mechanisms and applications of the new Competition Law, set forth the rights and duties of enterprises, and motivate entrepreneurs, SMEs, and national industries to compete. Chairman of the Board of GAC Dr. Mohamad Bin Sulaiman Al-Jasir thanked the Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman for the approval of the new law. He indicated that the law aims to create a competitive environment that fosters that sustainability of economic growth in addition to creating safe, attractive, and fair investment environment. It also provides legal guarantees to protect the rights of businesses and consumers, fights monopolistic practices that affect lawful competition, and contributes to the fairness of prices, transparency, diversity, quality, and innovation. Dr. Al-Jasir added that the new law is characterized by its regard to the rights of the market participants, stimulates the growth of national industries, encourages businesses, enhances the effectiveness of precautionary measures, and realizes equity for both the merchant and the consumer. Also, it strengthens the principles of reconciliation and settlement, improves innovation, and contributes to attracting investment to local markets and decreasing the overall prices, which supports the achievement of the goals of Saudi Vision 2030 and enhances the Kingdom's investment position regionally and globally. The Governor of GAC Dr. Abdulaziz Bin Abdullah Al-Zoom stressed that the new law will apply to all enterprises in the Saudi market and to practices occurring outside the kingdom if they undermine competition in the Kingdom. He explained that the new law provides several guarantees to ensure the achievement of economic balance and increase in the contribution of SMEs to the GDP and stimulate their growth. GAC is an independent authority responsible for overseeing the application of the Competition Law, which is specifically aimed at promoting and encouraging fair competition and combating monopolistic practices that affect lawful competition. — SG
