Riyadh’s Business Boom: March witnessed a continuation of Saudi Arabia’s strong business performance, with the nation’s regulatory body greenlighting 18 requests related to economic concentration.
The General Authority for Competition reviewed a total of 17 applications, facilitating a significant number of international transactions. This included 10 acquisitions, five partnerships, two agency agreements, and one merger, showcasing a dynamic market open to diverse business arrangements.
Notable domestic transactions featured Health Home’s strategic purchase of 39 pharmacies from Taawon Investment Group, Cigalah Group’s partial acquisition of DEEF Pharmaceutical Industries and Co., and Almarai’s full ownership takeover of Etmam Logistics.
Internationally, the French company SIB International acquired a majority stake in Alesayi Electronics, demonstrating ongoing global interest in the Saudi market.
Key partnerships formed during this period include a joint venture between Ajlan and Bros Holding Group with Britain’s Stratasys Solutions Ltd., aimed at advancing 3D printing services, and a collaboration between AXIA Power from the Netherlands and FAS Energy from Saudi Arabia to launch an electric supply and generation endeavor.
A new joint venture was also established to manage a considerable retail area in King Abdulaziz International Airport, involving Heinemann Africa Ltd., Jordanian Duty Free Co., and Arab Catering and Trading Co.
Additional approved proposals included the merger of US-based Amentum Holding LLC with Amazon Holdco Inc., and the complete acquisition by Brazil’s Minerva of Marfrig Global Foods.
This momentum builds on the previous year’s work by the authority, which saw 150 unconditioned approvals and three conditional ones within the first ten months, reinforcing its commitment to nurturing business growth and collaboration.
In the third quarter of 2023 alone, 41 mergers, acquisitions, and joint ventures were sanctioned, with the vast majority clearing without conditions, signifying a robust and regulated market environment.
The authority remains vigilant, ensuring that each instance of corporate growth through mergers, acquisitions, or collaborations adheres to the Kingdom’s regulatory framework, maintaining a healthy competitive market and bolstering investor confidence within Saudi Arabia’s evolving economic terrain.