Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Anti-monopoly centre holds inaugural session

1053954
1053954
minus
plus

Muscat, Nov 25 - The newly established Centre for Protection of Competition and Prevention of Monopoly, in cooperation with the Oman Chamber of Commerce and Industry (OCCI), organised an first introductory session of the Law on Protection of Competition and Prevention of Monopoly. Qais bin Mohammed al Yousuf, Chairman of the Board of Directors of OCCI, presided over the workshop. Also present was Dr Dhafer bin Awadh al Shanfari, CEO of Omani Authority for Partnership for Development (OAPFD), who is also the Acting CEO of the Protection of Competition and Prevention of Monopoly. Several leading corporate firms and institutions were represented as well.


The session is the first in a series of workshops to help broaden the business community’s understanding of the provisions of the Law on Protection of Competition and Prevention of Monopoly. The statute regulates economic activities based on free market rules and competitive prices, thereby outlawing practices that in contravention of this primary goal. Qais bin Mohammed al Yousuf, OCCI Chairman, said: “We are delighted to have this centre so business owners can understand the law and exercise their rights and responsibilities as enshrined in the Law on Protection of Competition and Prevention of Monopoly.”


Dr Dhafer al Shanfari, Acting CEO of the Centre for Protection of Competition and Prevention of Monopoly, stated: “The Centre seeks to apply the provisions of the Law in safeguarding markets from anticompetitive practices. In this regard, the Centre plans to hold a number of sessions to raise awareness about practices that attract legal sanctions ranging from fines to prison terms.” Centre for Protection of Competition and Prevention of Monopoly was established by Royal Decree 2/2018. Besides enforcing the provisions of the Law, the Centre is also tasked with conducting studies, preparing research on market practices deemed anti-competitive and monopolistic, handling and investigating complaints, representing Oman in international conferences and forums on the subject, and capacity building.


SHARE ARTICLE
arrow up
home icon