Saudi companies fined $24.9 million for monopolyStaff Writer | November 2, 2016
Saudi 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.
Saudi Arabia Saudi Council of Competition has imposed fines
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.
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. ■