Egypt and Saudi Arabia have agreed to boost cooperation to combat market monopolies and promote economic competition.
A memorandum of understanding was signed by the heads of the Egyptian Competition Authority and the General Authority for Competition in Saudi Arabia, during a meeting in Cairo.
The agreement seeks to prevent monopolistic practices that restrict competition, in an effort to boost cooperation while respecting the laws of both countries.
Mahmoud Momtaz, head of the ECA, said that the agreement would lead to better information-sharing, “especially with regard to the role of competitive guidance and how to set policies that enhance competition.”
He said the MoU also included agreements to organize conferences, visits, and training courses on laws and policies, and boost cooperation on investigations into violations of competition rules.
Abdulaziz Al-Zoum, the Saudi authority’s CEO, said that it would build closer ties with its Egyptian counterpart through exchange visits.
He added that both authorities would exchange experiences on dealing with complaints, detecting monopolistic practices and cases harmful to competition.
Al-Zoum said that the MoU enhanced existing relations to help keep pace with developments in the economies of both countries.
The agreement was signed by Al-Zoum and Momtaz, and was witnessed by Egypt’s Prime Minister Mostafa Madbouly, Saudi Ambassador Osama Nugali and other Saudi officials.