Saudi competition authority investigates industrial companies

Unnamed companies are being investigated over dominant market position

  
Image used for illustrative purpose. In Saudi Arabia, Riyadh

Image used for illustrative purpose. In Saudi Arabia, Riyadh

Gettyimages
 
RIYADH: Saudi General Authority for Competition (GAC) issued two decisions to investigate if a number of industrial sector companies have abused their dominant position in the market, Asharq reported citing sources.

GAC’s board of directors also decided at their last meeting, held on May 30, 2021, to investigate the economic concentration among auto manufacturers and sellers, Asharq said.

GAC is also investigating whether two contractors, four medical companies and six retailers colluded in bids for a government project, the sources said.

In January, GAC announced sanctions against National Gas Co. and fined it SR3 million ($800,000). In February, GAC fined four pharmaceutical companies SR20 million for engaging in behavior that obstructed the entry of a competitor into the market.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commercial