Shoura criticizes monopolies

Shoura members demanded to turn the Competition Council into a public commission, directly linked with the Council of Ministers.

Shoura members demanded to turn the Competition Council into a public commission, directly linked with the Council of Ministers.

Members of the Shoura Council have strongly criticized merchants who monopolize the retail, real estate and food sectors. They warned against such practices, which make citizens’ lives harder, and oust small investors from the market.

According to the council, such monopolies reduce prices to grab market share for themselves, even if they face short term losses. The majority of the Shoura members approved a proposal to demand the Saudi Competition Council thoroughly study monopolistic practices that affect fair competition.

During the discussion, Shoura members demanded to turn the Competition Council into a public commission, directly linked with the Council of Ministers. Shoura members also called on the government to provide the body with the necessary financial and technical support, while urging the parties concerned to spread the culture of competition and raise public awareness on its importance.

Another member, Mufleh Al-Rshaidi, said the exit of small merchants from the local market was the result of such practices, after being forced to leave when they could not compete with big monopolies.

“Big companies and establishments are supported by the state, this is why small enterprises must be protected by the Competition Council,” Al-Rshaidi added.

Fahd Al-Enzi, deputy chairman of the Economic Committee at the council, said every riyal spent on the Competition Council saves 10 riyals for the benefit of the Saudi economy. “This is why we want the Competition Council to be an independent body. It is very important for our national economy that the council becomes a public commission,” Al-Enzi said.


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