Saudi: MoU Signed Among Government Bodies to Avoid Monopolistic Practices

To protect the business sector from monopolistic practices and to bring better accountability, MoUs have been signed to help build the Saudi economy as per Vision 2030. This is part of Saudi Arabia’s pushing up of its efforts in the business sector to combat monopolistic practises, maintain transparency, and foster healthy competition. On Tuesday, the General Authority for Competition and the Authority for Spending Efficiency and Government Projects signed a memorandum to improve cooperation among all government bodies in order to assist in the development of the Saudi economy in accordance with Vision 2030. The move attempts to improve cooperation between the two bodies so that they can work together to combat monopolistic corporate practises. The MoUs might also provide for exchange of information between the government bodies.