RSS   Newsletter   Contact   Advertise with us
Post Online Media
Saudi Arabia   Saudi Council of Competition has imposed fines

Saudi companies fined $24.9 million for monopoly

Saudi ArabiaSaudi Council of Competition has imposed 24.9 million dollars worth of fines on companies for practicing monopoly in the last 12 months, Al Eqtisadiah reported.

Up to 69.5 percent of the fines were imposed on companies in the consumer goods sector, while the rest of the fines were issued against companies in the communication sector, medical and industrial gases sector and concrete sector.

Article continues below

READ MORE Saudi market regulator jails two executives of contractor MMG

The council, as an independent body, protects and encourages fair competition and combats monopolistic practices that interrupt lawful competition.

Tough measures are being implemented to make Saudi economy more open and attractive to foreign investments, with the government planning to end the oil dependency by 2020.




What to read next





More inside POST
 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy