Riyadh: The General Authority for Competition (GAC) and Oman’s Ministry of Commerce, Industry, and Investment Promotion have signed a memorandum of understanding (MoU) aimed at creating a comprehensive plan to protect competition and prevent monopolies in both Saudi Arabia and Oman, in accordance with their respective laws.

According to Saudi Press Agency, 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. This MoU outlines key areas of cooperation, with a primary focus on exchanging information and expertise to boost competition and improve the effectiveness of both authorities.

The agreement specifically includes the sharing of knowledge on competitive guidance and the development of policies that foster fair competition in both the Saudi and Omani markets. Additionally, the MoU covers the exchange of studies and publications to analyze market behaviors, aiming to identify monopolistic practices and activities that are detrimental to fair competition.

The collaborative knowledge exchange will assist both parties in developing more precise and effective analytical tools for monitoring and addressing market distortions. This initiative is expected to enhance the ability of both countries to maintain competitive markets and ensure a level playing field for businesses operating within their borders.