New Competition Law in the UAE
Type
E-journal
Date
14 Apr 2016
Jurisdiction
United Arab Emirates
Taxonomy
General Competition Law
Copyright
LexisNexis
Relevant company
Al Tamimi & Company
Analysis
On 5 December 2012 the European Commission imposed the biggest antitrust penalty in its history - EUR1.47 billion (USD1.92 billion) - against six firms for running two cartels for nearly a decade.
With the EUR1.47 billion fine issued by the European Commission and considering the lack of a consolidated competition law in the UAE, businesses here may have been excused for being tempted to focus only on their competitive activities related to operations in Europe. However, with the publication on 23 October 2012 of UAE Federal Law No. 4 of 2012 Concerning Regulation of Competition (the “Law”) all businesses with operations in the UAE or supplying goods and services to the UAE market will have to ensure that they focus on and comply with the provisions of this new law.