(MENAFN) The Ministry of Commerce and Industry of Qatar recently held its first annual meeting with Saudi Arabia’s General Authority for Competition (GAC), aimed at discussing strategies and enhancing cooperation in the competition sector. This significant gathering focused on deepening ties between the two nations and exploring ways to strengthen competition laws and regulatory frameworks.

The Qatari delegation was led by Hassan bin Sultan Al Ghanim, Assistant Undersecretary for Consumer Affairs at the Ministry of Commerce and Industry, while the Saudi delegation was headed by Abdulaziz bin Mohammed bin Obaid, Deputy CEO for Legal Affairs at the General Authority for Competition. Their collaboration signifies a shared commitment to improving economic competitiveness in both countries.

At the core of the discussions was the review of a recently signed Memorandum of Understanding (MoU), marking a landmark step in regional cooperation. The MoU is designed to foster closer collaboration and launch joint projects that align with the long-term economic goals of Qatar and Saudi Arabia, particularly in the context of their Vision 2030 strategies. The agreement seeks to promote fair competition, combat monopolistic practices, and create a more robust regulatory environment in both countries.

The meeting underscored the importance of implementing the MoU’s executive program, which will leverage the expertise of both nations in enforcing competition laws and improving market practices. It also highlighted the need to raise awareness of compliance regulations, involving the private sector in these efforts to cultivate a culture of fair competition, ensuring both countries remain competitive on the global stage and achieve high standings in international anti-monopoly rankings.

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