The UAE Ministry of Economy has signed a Memorandum of Understanding (MoU) with the Egyptian Competition Authority (ECA) to strengthen collaboration on competition protection and the fight against monopolistic practices, aiming to foster a fair business environment in both countries.
The agreement was signed on the sidelines of ECA’s annual conference in Egypt by HE Safeya Hashem Al-Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, and Dr. Mahmoud Momtaz., Head of ECA.
HE Safeya said that the signing of the MoU reflects the UAE Ministry of Economy’s commitment to expanding its regional and international partnerships in the field of competition, adding that cooperation with ECA will support efforts to achieve more market transparency, enhance investor confidence, and serve the interests of consumers in both countries.
The Assistant Undersecretary explained that the agreement is an effective framework for enhancing institutional cooperation between the two sides in the field of competition protection. It contributes to the development of relevant policies and procedures, positively impacting the business environment in both countries and empowering businesses to address monopolistic practices, as well as supporting efforts for sustainable economic development.
The UAE Ministry of Economy-ECA MoU, which spans four years and is automatically renewable, stipulates cooperation on several fronts, including the exchange of experiences, knowledge, and best practices, the organization of training programs and joint workshops, as well as the exchange of information and specialized studies.
Additionally, it aims to enhance capabilities in the areas of examining economic concentration processes and investigating violations. The MoU also allows both parties to benefit from the United Nations Conference on Trade and Development (UNCTAD) center for competition training for the Middle East and Africa region, based in Cairo.
According to the statement, the UAE Ministry of Economy-ECA MoU falls within the framework of the growing relations between the UAE and Egypt, and supports joint efforts to enhance Arab economic integration, in line with the ‘We the UAE 2031’ vision aimed at building a competitive, open, and sustainable economy, and Egypt Vision 2030, which seeks to establish a competitive and diversified knowledge-based economy.
