Saudi Arabia: Lawmakers call for Competition Council to go public

CLawmakers of the Shoura Council, also known as the Consultative Assembly of Saudi Arabia, is calling on the Saudi Competition Council to become a public commission to more adequately scrutinize the nation’s monopolies.

Reports say members of the Council are speaking out against monopolistic behavior and the practice of lowering market costs to acquire greater market share. Members of the Council have reportedly called on the government to provide the necessary resources for the competition watchdog.

The comments come as political pressure mounts to boost competition in Saudi Arabia’s markets; critics note that smaller competitors have been squeezed out of their industries.

Economic Committee deputy chairman Fahd Al-Enzi says financial support of the Competition Council will provide tenfold-worth of benefits to the public. “This is why we want the Competition Council to be an independent body,” he said. “it is very important for our national economy that the council becomes a public commission.”

Full content: Arab News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.