GAC, Oman Commerce Ministry of Commerce Cooperate on Competition Protection

The General Authority for Competition (GAC) and Oman's Ministry of Commerce, Industry, and Investment Promotion signed a memorandum of understanding (MoU) creating a comprehensive plan to protect competition and prevent monopolies in both countries, following their respective laws.

 The agreement was signed in Riyadh by GAC Chief Executive Dr. Fahad Alshathri and the Omani ministry’s Competition Protection and Anti-Monopoly Centre Director-General Ahmed bin Salem Al Rasbi.

 The MoU outlines key areas of cooperation, primarily focusing on exchanging information and expertise to boost competition and improve the effectiveness of both authorities. This specifically includes sharing knowledge on competitive guidance and developing policies that foster fair competition in both Saudi and Omani markets.

 Furthermore, the agreement covers the exchange of studies and publications to analyze market behaviors, aiming to identify monopolistic practices and activities detrimental to fair competition. The collaborative knowledge exchange will help both parties develop more precise and effective analytical tools for monitoring and addressing market distortions.