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The General Authority for Competition (GAC) announced its 2024 performance summary, revealing it received 318 applications for economic concentration.
The authority issued 202 no-objection certificates during 2024, a 17.4% increase year-on-year (YoY) and the highest on record. The third and fourth quarters accounted for the largest number of approvals, with 60 each, GAC said in a statement.
Applications from foreign institutions accounted for the majority, comprising 56% of total submissions in 2024, while joint ventures involving local entities made up 44.06%.
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Acquisitions dominated the applications, representing 81% of the total, followed by joint ventures (15%), mergers (2%), and agency additions in the auto sector (2%), the authority added.
Applications from Tadawul-listed companies represented 30.3% of the total, up from 27.7% in 2023.
|
Details of Economic Concentration Applications in 2024 |
|||
|
Type of Application |
2023 |
2024 |
Change |
|
Under study |
10 |
10 |
— |
|
No required to be reported |
128 |
105 |
(18%) |
|
Rejected |
— |
— |
— |
|
No-objection |
172 |
202 |
+17% |
|
Pending |
3 |
— |
— |
|
Total applications |
313 |
318 |
+2% |
The manufacturing industries sector accounted for 33% of total applications. It was followed by information and telecommunications with 19%, then wholesale and retail trade; repair of motor vehicles and motorcycles with 11%.
|
Economic Concentration Applications by Sector |
|
|
Sector |
Percentage |
|
Manufacturing |
33% |
|
Information and communications |
19% |
|
Wholesale and retail trade; repair of motor vehicles and motorcycles |
11% |
|
Transportation & storage |
5% |
|
Other sectors |
32% |