Abdulaziz Al-Zoom, CEO of General Authority for Competition (GAC)
The General Authority for Competition (GAC) reviewed more than 150 economic concentration applications in 2023. All gained approval, excluding three that are conditional on some terms, said CEO Abdulaziz Al-Zoom.
In an interview with Argaam on the sidelines of the third annual conference of the Arab Competition Network (ACN), Al-Zoom highlighted that 2023’s economic concentration applications focused on traditional sectors such as oil and petrochemicals, retail, and construction.
He emphasized the crucial role of artificial intelligence (AI) technologies in identifying monopolistic practices, particularly in monitoring prices and goods as well as detecting collusion in government tenders.
Digital markets have a rapid impact on competition and their significance has grown over the past decade due to their distinct characteristics compared to traditional markets, including speed and fundamental changes, Al-Zoom added.
Many countries around the world realized the importance of digital markets, given their swift impact on competition, he said, stressing the Kingdom’s commitment, along with other developed countries, to establishing specialized departments and divisions in this regard.
On the other hand, Al-Zoom noted that GAC is part of the Arab Competition Network (ACN), which was established at the request of the League of Arab States (LAS) and was joined by almost all Arab countries.
The ACN’s primary objective is to foster cooperation among Arab countries, facilitating competition and empowering emerging countries in addressing competition-related issues by learning from the experiences of those who have preceded them.
According to data available on Argaam, GAC received 313 economic concentration applications in 2023. The authority issued 172 no-objections in 2023, down 2.3% year-on-year (YoY). Acquisitions dominated the largest number of economic concentration applications at 143, or 83%, of the total. Joint ventures applications amounted to 25, or 14%, of the total.