RIYADH: Saudi Arabia is stepping up its efforts to counter monopolistic practices and ensure transparency and promote healthy competition in the kingdom’s business sector, Arab News reported.

The General Authority for Competition and the Authority of Spending Efficiency and Government Projects on Tuesday signed a memorandum to enhance coordination among all government bodies to help build the Saudi economy in line with the Vision 2030.

Abdulaziz Alzoom, governor of the competition authority, said the step aims to boost coordination between the two bodies to work together to curb monopolistic practices in the business sector.

Abdul Razzag Al-Aujan, chief of the Authority of Spending Efficiency and Government Projects, said under the agreement the two entities will exchange information to ensure healthy business practices in Saudi Arabia.