GAC's compliance program fosters investor confidence: Governor

General Authority for Competition CEO, Abdulaziz Al-Zoom

The compliance program of the General Authority for Competition (GAC) covers all the activities of the authority, Governor Abdulaziz Al-Zoom told Argaam.  

The program includes activities related to mergers and acquisitions, resulting violations from such transactions, and anti-competitive practices, Al-Zoom indicated.  

During the launch event of the electronic compliance portal, the governor explained that there is no direct relationship between merger and acquisition activities for some companies and the initiation of the compliance program. 

The portal aims to enhance compliance programs, the top official added, noting that some companies engage in merger and acquisition processes without informing GAC, leading to violations of competition regulations.  

Al-Zoom stated that the compliance program is optional for companies, emphasizing that it offers various benefits, including preventing companies from violating competition regulations — an essential objective for every company. 

Compliance with legal aspects in any country enhances justice, he added. 

Al-Zoom that when justice is established and reinforced through effective monitoring systems, it increases confidence among both local and foreign investors leading to attracting higher investments.  

According to data available on Argaam, GAC launched the compliance portal for the electronic competition system on World Competition Day, coinciding with Dec. 5. The portal includes various services and programs aimed at encouraging establishments to comply with competition regulations and raising awareness within the business community.