GAC receives over 71 economic concentration applications in Q1 2021

Logo of General Authority for Competition (GAC)

Saudi Arabia's General Authority for Competition (GAC) received more than 71 economic concentration applications in the first quarter of 2021, the largest number since the establishment of the authority, said Talal Alhogail, head of mergers and acquisitions analysis at GAC.

He told Al Arabiya TV Channel that the authority approved 26 applications during the quarter, 22 of which are related to acquisitions, and two each for mergers and joint ventures.

Several foreign companies expressed great interest in entering the Saudi market, constituting 80% of the total applications, Alhogail said, adding that GAC is keen on attracting foreign investors through fair competition.

Regarding the economic concentration between the UAE’s ADNOC Distribution and Saudi Arabia's Mazaya Fuel, the official said this is the first application in the fuel sector and the authority is studying similar applications from foreign companies seeking to foray into the local fuel sector.

On May 5, 2021, GAC announced the no-objection certificate for the UAE’s ADNOC Distribution to acquire 15 fuel stations owned by Mazaya Fuel in the Eastern Province of Saudi Arabia, according to data compiled by Argaam.