In brief
This alert provides an overview of the General Authority for Competition’s (GAC) merger control activity in Saudi Arabia in 2025. The GAC recorded its highest level of activity to date, reviewing 406 economic concentration applications. It issued 271 No Objection Certificates following full filings — the largest number ever — and 135 No Notification Required Certificates for transactions not meeting notification thresholds. The total value of reviewed deals reached SAR 1.97 trillion, underscoring strong and sustained transaction activity. Of the approvals, 269 were unconditional, while two required remedies, including the Authority’s first ever structural remedy in the Schlumberger–ChampionX transaction, which mandated the divestiture of a US subsidiary. These developments highlight increasing regulatory scrutiny and ongoing consolidation trends in the Saudi market.
The General Authority for Competition (“Authority”) in Saudi Arabia has released its annual report detailing the economic concentration applications received and reviewed in 2025, reflecting a notable rise in merger control activity. This alert provides an overview of the Authority’s key developments and trends in merger control during the past year.
In more detail
Record number of merger control decisions issued in 2025
- In 2025, the Authority reviewed 406 applications, issuing 271 No Objection Certificates for reportable transactions and 135 No Notification Required Certificates for transactions that did not meet all of the applicable thresholds (e.g., revenue thresholds not met, no change of control). Overall, the Authority issued 99 more decisions in 2025 compared to 2024 (i.e., 69 more No Objection Certificates and 30 more No Notification Required Certificates than in 2024).
- The Authority approved a record 271 economic concentration applications in 2025, which represents the highest-ever number of No Objection Certificates issued in a single year and an increase of 34.2% compared to 2024; demonstrating sustained growth in merger control activity and the consistent volume of filings under review. The total value of transactions reviewed reached approximately SAR 1.97 trillion, reflecting the significant scale of deals assessed throughout the year.
Historical Data of Economic Concentration Applications Reviewed by the Authority
- Out of the 271 economic concentration applications review by the Authority in 2025, 269 resulted in unconditional approvals while the remaining two were subject to conditions.
- The first conditional clearance related to the acquisition by the National Company for Class Industries (NCGI) of 100% of the shares in Saudi Arabian Glass LLC (SAG). As part of this conditional approval, NCGI and SAG committed to capping price increases, maintaining quality accreditation, avoiding long‑term or exclusive customer agreements, and ensuring customers remain free to choose between the merged entities. They also agree to submit an annual report to the Authority demonstrating ongoing compliance with these (and other) obligations.
- The second conditional approval pertained to the acquisition by Schlumberger Limited of 100% of the shares in ChampionX Corporation. In addition to behavioral remedies, this conditional clearance introduced the first structural remedies imposed on a transaction by the Authority. In particular, the Authority required the parties to divest a US subsidiary of ChampionX which is active in the manufacture of specific industrial tools.
- The Authority reported an average review period of just 5.4 days per application. It is important to note that the average review period mentioned in the Authority’s report, only starts from the date the Authority has formally confirmed receipt of the filing fees and the start of the statutory period. This being said, this average review period certainly highlights the efficiency and predictability of the Authority’s review process.
- Due to the influx of applications received, the Authority concluded the year with 21 applications still under review, illustrating the ongoing regulatory engagement on complex or multi-jurisdictional transactions.
Breakdown of the data related to merger control filings in 2025
- The vast majority (i.e., 86%) of the applications received by the Authority pertained to acquisitions, while joint ventures represented 9%, and mergers accounted for 4% of the filings made in 2025, with only two filings relating to agency registration arrangements (representing 1%).
- The majority (51%) of the merger control filings reviewed by the Authority related to horizontal transactions (i.e., between entities being actual or potential competitors), demonstrating the trend towards consolidation in certain sectors of the Saudi market, while 35% involved conglomerate relationships, and 14% related to vertical integrations.
- The number of merger control filings involving at least one Saudi entity as one of the parties to the transaction represented 31%, while those with foreign entities with operations in the Saudi market amounted to 69%. This highlights the continued interest of international companies in doing business in Saudi Arabia, either directly or through local partnerships or arrangements.
- Interestingly, the majority of the transactions filed with the Authority related to transactions taking place in Riyadh (55%), followed by the Makkah region (25%). Overall, 31% of applications involved Saudi acquirers and merging entities, while 6.3% of participating entities were listed companies in the Saudi market.
Key sectors subject to merger control filings in 2025
- As illustrated in the graph below, the manufacturing sector led merger control activity in 2025, with 73 applications submitted. The wholesale and retail trade and motor vehicle repair sector followed with 38 applications and the professional, scientific, and technical activities accounted for 32 applications. The remaining filings were spread across various other sectors.
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Ruwaa AlAbdullatif, Associate, has contributed to this legal update.
For further details on the Saudi Competition Law and its practical impact on your operations in Saudi Arabia, please do not hesitate to contact our Saudi Competition team.