Saudi Arabia: Issued fines in investigaton into Panda Retail Company and Atabet Elbab for non-compliance with the notification requirements for mergers

On 25 February 2024, the General Authority for Competition (GAC) imposed penalties on Panda Retail Company and Atabet Elbab for Telecommunications and IT for contravening the Competition Law by concluding an economic concentration transaction without the requisite notification to the authority. This action contravenes Article 7 of the Competition Law, which requires that entities intending to engage in an economic concentration transaction notify the authority at least 90 days prior to completion if their total annual sales exceed a specified threshold. Subsequent to an investigation, the Committee for Adjudication of Competition Violations imposed a fine of SAR 400'000 on each company.