Established in 2004 and restructured in 2017, GAC's mission is to bolster the efficiency of the national economy and advance consumer welfare.

It aims to uphold market integrity, foster innovation, and empower consumers.

GAC has imposed millions of dollars in fines on violators.

The General Authority of Competition (GAC) in Saudi Arabia was made financially and administratively independent in 2019, and since its establishment 20 years ago, it has imposed fines totaling nearly SR1 billion ($270 million) on companies for violating competition rules.

GAC has sanctioned 252 entities for such violations, issuing 134 decisions and collecting approximately SR828.8 million in fines.

A GAC spokesman, Saad Hamad Al-Masaud, explained that companies can be penalized multiple times for different violations, and GAC takes swift action to impose additional penalties based on the nature of each violation.

In August 2023, the General Authority for Competition (GAC) fined two companies a total of SR20 million for violating fair competition principles.

A gypsum firm was fined SR19 million, the highest amount ever imposed by GAC.

In the same month, a feed company was fined SR10 million for attempting to manipulate the bran commodity market by restricting sales to select customers, inhibiting trade and resulting in price control.

Four months prior to this, GAC fined 14 cement companies SR140 million collectively for conspiring to raise prices, with each producer receiving a SR10 million fine for manipulating cement costs.

Renowned economist Talat Hafiz emphasized the importance of fair market conditions in Saudi Arabia for economic growth and foreign investment.

He highlighted the role of the General Authority for Competition (GAC) in enforcing the Competition Law, promoting fair competition, preventing monopolistic practices, and ensuring high-quality, competitive goods and services.

GAC has recently conducted an investigation into the automotive sector to identify market structures and enterprise behavior, with the aim of promoting competition and innovation.

Hafiz, an economist, and Al-Gahtani, a professor, both agree that the General Authority for Competition (GAC) in Saudi Arabia making moves to ensure fair competition will positively impact the economy and market, increasing trust and protecting consumer rights.

They emphasize that fair competition is crucial in all sectors and industries to sustain economic growth and financial prosperity.

GAC aims to implement competition-stimulating policies to improve market performance, support consumers and businesses, attract investments, and promote sustainable development.

The General Authority for Competition (GAC) in Saudi Arabia, established in 2004, aims to foster business growth, protect consumers, and regulate market competition to prevent monopolistic practices.

GAC's regulatory policies have significantly contributed to the country's economic development, aligning with Vision 2030 goals.

Businesses benefit from the fair environment created by GAC, leading to improved economic performance and sustainability.

The success of GAC is attributed to the substantial government support it receives, and it will play a major role in helping Saudi Arabia diversify its economy away from oil.

The text discusses the importance of diversification for economic development in Saudi Arabia, with examples given of major industrial projects since 2015 such as NEOM, Red Sea, Soudah, Diriyah, and Qiddiya.

The speaker emphasizes the need for the General Authority for Competition (GAC) to increase involvement in guiding businesses to comply with competition regulations, and for cooperation between GAC and the Capital Market Authority to ensure transparency and compliance with rules to protect the economy from unethical practices.

Fair competition and corporate governance are highlighted as essential, with a focus on fairness to all shareholders.

The text emphasizes the importance of four key pillars of corporate governance to safeguard investments from misuse and self-interest:

1.

Transparency in financial reporting and clear structure, procedures, policies.

2.

Accountability of CEOs and board of directors to shareholders.

3.

Independence of board members, advisors, and CEOs from external influences.

4.

Adherence to these principles to prevent abuse, corruption, and self-dealing.