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The Saudi General Authority for Competition (GAC) published its 2025 Annual Activities Report, providing insights into the GAC's merger control activity over the past year. The report shows a significant increase in merger control filings reviewed, underscoring both heightened regulatory scrutiny and continued consolidation trends across multiple sectors of the Saudi market.
In 2025, the GAC reviewed 427 merger control filings, marking its highest annual caseload to date. Of these, the GAC issued 269 unconditional clearances, 2 conditional clearances, and 135 non-jurisdiction decisions. 21 filings remained under review at the end of the year. This represents an increase of approx. 23.2% year-over-year compared to the volume of filings received in 2024.
Notably, the GAC reported an average review period of 5.4 days per filing, calculated from the date on which the filing is deemed complete and the statutory review period formally commences. This underscores the speed and procedural efficiency of the GAC's review process.
2025 witnessed a diverse array of merger control filings, reflecting the dynamic landscap of economic activity in Saudi Arabia. Acquisitions dominated the volume of the filings, accounting for 86% of the total filings, followed by joint ventures for 9%, and mergers represented 4% of the total filings. The remaining 1% pertained to registration of new commercial agencies in the automotive sector.
Horizontal transactions accounted for 51% of filings, indicating ongoing consolidation among actual or potential competitors. Conglomerate transactions represented 35%, reflecting increased diversification strategies, while vertical integrations accounted for 14%, highlighting evolving supply chain structures in the Saudi market.
Geographically, domestic filings were predominantly concentrated in key economic hubs, particularly Riyadh, which alone represented 55% of the total filings. The Makkah region followed closely behind, contributing 25% to the overall filing activity.
From a sectoral perspective, manufacturing emerged as the most active sector, with 73 filings submitted in this sector. This was closely followed by the wholesale and retail trade and motor vehicle repair sectors, which collectively accounted for 38 filings. The professional, scientific, and technical activities sector saw 32 filings. The remaining filings were distributed across a broad range of industries.
Overall, the GAC's 2025 merger control activity confirms a regime that is both highly active and increasingly mature. The record number of filings, the scale of transactions reviewed, and the GAC's approach to impose both behavioral and structural remedies signal heightened regulatory scrutiny, particularly in horizontal and strategically significant transactions. Businesses pursuing acquisitions, merger, or joint ventures with a Saudi nexus should proactively assess merger control risks as an integral part of transaction planning.
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