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Saudi companies fined 24.9 mln dollars for monopoly

Xinhua, November 1, 2016 Adjust font size:

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 local online news reported on Monday.

According to figures released Monday, 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.

Saudi Arabia has been taking brave steps in the face of the post oil era with oil prices dropping and the country's financial stability being shaken. Endit