GAC, EXPRO ink MoC to promote competition, combat monopoly

Signing the memorandum of cooperation

The General Authority for Competition (GAC) signed a memorandum of cooperation (MoC) with Expenditure and Projects Efficiency Authority (EXPRO), seeking to enhance, protect, and encourage competition in government contracts and combat monopolistic practices affecting them.

According to Saudi Press Agency (SPA), the MoC targets cooperation between the two authorities in monitoring practices that violate the competition law and related to collusion in government tenders and competitions, knowledge transfer, training, and awareness.

It also aims to ensure collaboration in identifying gaps and work rules and procedures that need to be reformed.

The memorandum aims to propose amendments in the terms of reference (TOR), specifications, provisions, and guidelines approved by the Ministry of Finance, in order to improve them and ensure fair competition.

The signing of MoC stems from raising the level of cooperation and partnership between government agencies and entities, SPA report noted.