Riyadh, October 23, 2024 – The General Authority for Competition (GAC) released its third-quarter figures for 2024, highlighting a record-breaking number of no-objection decisions to economic concentration requests. The authority approved 60 such requests, marking the highest number ever recorded in a single quarter. This represents a significant 53% increase compared to the same period in 2023, reflecting heightened economic activity and consolidation efforts across various sectors.
GAC is responsible for overseeing economic concentration reports, which include mergers, acquisitions, and joint ventures. The authority’s role is to assess these cases, ensure compliance with fair competition laws, and issue decisions to prevent anti-competitive practices. In the third quarter, GAC also classified 28 requests as non-reportable and continues to review 12 other cases.
Acquisitions dominated the approved requests, accounting for 49 out of 60, or 82% of the total approvals. The remaining 11 approvals, or 18%, were for joint ventures, showcasing diverse business activities aimed at consolidating market positions. Among the sectors involved, the information and communications sector led with 14 requests, representing 23% of the total submissions. The manufacturing sector followed closely with 12 requests, making up 20% of the total.
A notable trend was the high volume of submissions from foreign establishments, which accounted for 65% of the economic concentration requests processed by GAC in the third quarter. This highlights Saudi Arabia's growing role as a hub for international business and investment.