GAC OKs 13 economic concentration requests in Jan.; mulls 20 more by local, foreign entities

Logo of General Authority for Competition (GAC)

The General Authority for Competition (GAC) approved 13 applications for economic concentration in January, of which acquisitions accounted for nearly 85%, while joint ventures (JVs) made up the remaining 15%.

In a statement today, Feb. 14, GAC said Abu Dhabi National Insurance Co. (ADNIC) was allowed to buy 51% of Tadawul-listed Allianz Saudi Fransi Cooperative Insurance Co.

The approvals also included the establishment of a joint project between NEOM and logistics provider DSVIS and the establishment of a joint project between the Materials Recycling Co. for Environmental Services and Edamah Organic Solutions Co. to develop several projects for recycling organic waste and converting them into organic fertilizer.

GAC's official spokesperson Saad Al Masoud said that the authority is currently studying 20 economic concentration applications from local and foreign institutions.

in September 2023, Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) said that it was notified by Allianz SE of its decision to sell all its indirectly held shares in the Saudi-listed insurer to ADNIC, according to data available with Argaam.

Allianz SE holds 51% of Allianz SF through three subsidiaries: Allianz Europe BV, Allianz France SA and Allianz MENA Holding (Bermuda) Ltd.