General Authority For Competition Concludes Innovative Programme To Enhance Market Efficiency In Saudi Arabia

The General Authority for Competition (GAC) recently wrapped up its Competition Innovation Program in Riyadh. The closing ceremony took place at Misk Nonprofit City, with notable attendees including GAC Chairman Dr. Ahmed Alkhulaifi and Saudi Data and AI Authority President Dr. Abdullah Alghamdi. This event marked the end of a program designed to foster innovation among employees and partners, aligning with Saudi Vision 2030.

During the ceremony, GAC highlighted significant milestones achieved throughout the program. Initially, it began with motivational workshops aimed at employees. Later, partners from various sectors joined to identify challenges. This collaborative effort culminated in the Competition Hackathon, a pioneering event among competition authorities worldwide that drew numerous innovators.

The hackathon resulted in practical solutions for the competition sector. It was a platform for creative minds to develop ideas that enhance market efficiency and support the business environment in Saudi Arabia. The event also saw the introduction of two new services aimed at improving market transparency and compliance.

The first service, "Competition Eye," is an interactive digital platform allowing establishments and individuals to report anti-competitive practices. This tool aims to increase transparency and protect the market environment. The second service, "Competition Compliance Program," focuses on raising awareness about competition policies among businesses.

Dr. Fahad Alshathri, GAC CEO, spoke about the authority's dedication to nurturing an environment that encourages creativity. He stressed that empowering national talents is crucial for developing competition policies and supporting digital tools. The authority remains committed to investing in initiatives that integrate innovation as a foundation for sustainable economic growth.

The ceremony concluded by honouring participants, supporting entities, and distinguished teams whose contributions were vital to the program's success. This gesture reaffirmed GAC's commitment to fostering innovation and empowering national talents to shape a more innovative future.

GAC continues to embrace innovation as a core principle in promoting fair competition within Saudi Arabia's economy. By developing initiatives that encourage creativity and knowledge-driven solutions, GAC aims to build a balanced and sustainable economy.

The authority's efforts align with Saudi Vision 2030 goals by integrating institutional development as a key pillar for achieving excellence in economic growth. Through these initiatives, GAC seeks not only to enhance market efficiency but also to create a fairer business environment.

With inputs from SPA