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October 14, 2010

Emirates 24/7 News reports that the United Arab Emirates is to introduce competition law as part of wide-ranging legislative reform.  In making the announcement, the Director General of the Ministry of Economy encouraged public comments from the private sector to “ensure full participation of the business community.”

The proposed new laws include legislation regulating foreign investment, commercial arbitration, as well as competition. Emirates 24/7 News also reports that earlier this year twelve of the UAE’s new laws were in final draft form, including the proposed new competition law.

While there are currently more than 90 international jurisdictions that have adopted competition law (see International Competition Network – Factsheet), the Middle East has generally lagged behind Europe, North America and most recently Asia (including India and Singapore) in adopting comprehensive competition laws (although many countries that have not yet adopted framework competition laws have adopted sectoral competition laws to some extent).

In the Middle East, Kazakhstan, Azerbijan, Pakistan, Jordan, Israel, Tajikistan, Yemen, the Kyrgyk Republic, Uzbekistan and Egypt have adopted competition law to date.

For more see: UAE Encourages Private Sector Inputs on Legislation.

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