The Saudi General Authority for Competition received demands to increase knowledge on the conditions of competition and procurement in the public and private sectors, and to coordinate with other government agencies to provide additional regulatory tools that enhance fair competition in the national economy.
This came during a meeting of the Shura Council’s Economy and Energy Committee, which discussed the annual reports of the General Authority for Competition and the financing guarantee program for small and medium enterprises (SMEs) for the past year.
The committee stressed the importance of intensifying the efforts of the General Authority for Competition to raise the level of knowledge about competition and procurement, especially for workers in the government or private sectors, as well as examining the additional regulatory tools necessary to ensure fair competition between various companies and setting up direct and indirect mechanisms for the targeted sectors.
The committee members also discussed the possibility of developing effective mechanisms for complaints and communications, and means to coordinate with the relevant authorities in order to process complaints and demands within a maximum period of six months.
The members also examined a report of the SMEs Financing Guarantee Program and underlined the need for studies pertaining to the legislative and executive environment in order to support the program’s expansion process, help the entrepreneurs overcome financial challenges and increase the number of program beneficiaries by relying on global experiences in this field.
