GAC has no objection to solutions’ acquisition of Giza Systems, Giza Arabia

Logo of Arabian Internet and Communications Services Co. (solutions)

Saudi Arabia’s General Authority for Competition (GAC) issued a no-objection certificate with respect to Arabian Internet and Communications Services Co.’s (solutions) acquisition of an 89.49% stake in Giza Systems SAE and 34% in Giza Arabia, a subsidiary of Giza Systems.

There are no concerns that this acquisition would affect competition in Saudi Arabia, as the information technology services market is promising and highly-competitive, having a large number of players, GAC added in a statement today, Aug. 14.

The combined market share of the economic concentration parties will not imply market dominance. The Kingdom’s information and communication technology for enterprises is expected to grow by 6.7% in the next years, which will attract new investors and therefore enhance competition, GAC explained.

On June 4, solutions signed a sale and purchase agreement (SPA) to buy 89.49% of Giza Systems - a closed joint-stock company - in addition to 34% of Giza Arabia, for a cash consideration, Argaam earlier reported.

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