RIYADH — Dr. Ahmed Al-Khulaifi, chairman of the Board of Directors of the General Authority for Competition (GAC), said that the authority is monitoring the Saudi local markets to identify and curb monopolistic practices. "The authority will intervene in the event of receiving complaints against any private sector establishments or reports from government and private agencies. The authority is concerned with the smooth functioning of the private sector, and hence the system requires us to investigate in the event of receiving complaints," he said. Al-Khulaifi made the remarks during a meeting with Ajlan Al-Ajlan, president of the Federation of Saudi Chambers (FSC), and other officials of FSC, represented by the Coordinating Council of the National Committees, here on Tuesday. The authority chief emphasized that penalties will be slapped on violators of the Competition Law on the basis of the findings of an independent judicial committee. "The aggrieved party has the right to appeal if he is not satisfied with what the committee has decided," he said. Al-Khulaifi highlighted the authority's tasks and role in combating commercial monopolies in the market, controlling commercial power, enhancing the competitive environment for the private sector, and creating job opportunities for small and medium enterprises. He stressed that the authority is not tasked with combating major commercial powers that do not have monopolistic practices and do not aim to fight them. Rather, it encourages work based on honest dealings that are far from monopolistic practices, he added. The Federation of Saudi Chambers held a meeting with GAC chief to know more about the authority's strategy, projects, initiatives, prospects for joint cooperation, and challenges facing the business sector in order to enhance the investment and business environment in the Kingdom.
