A new competition law recently came into force, consolidating and enhancing the provisions of the original competition regime that dated from 2004. The General Authority for Competition (“GAC”) is an independent authority in charge of supervising the implementation of the competition law, and its responsibilities in the Kingdom include protecting and encouraging fair competition and combatting monopolistic practices that affect lawful competition. The GAC is further devoted to implementing international best practices in anti-trust matters in Saudi Arabia, as demonstrated by its membership in the International Competition Network, an organization that seeks to share competition principles on a global basis.
The recent Saudi competition law contains a number of key principles that the GAC enforces, including:
The competition law establishes a judicial committee called the “Committee for the Review and Adjudication of Competition Law Violations” as the competent body to hear disputes relating to alleged violations of the law and its implementing regulations.