The General Authority for Competition (GAC) has imposed fines totaling SR800,000 ($213,000) on two Saudi companies for violating the Competition Law.

The Committee for Resolving Competition Law Violations, operating under GAC, penalized Panda Retail Co. and Doorstep for Telecommunications and IT for breaching Article 7 of the Competition Law, as stated in an official announcement on Sunday.

Each company has been fined SR400,000 ($106,600), with the directive to publicly disclose the penalty report in the local media at their expense.

The decision to levy fines came after the authority initiated an investigation upon notification of the violations by the two companies. The case was subsequently referred to the Committee for Adjudication of Competition Law Violations, which conducted thorough investigations and gathered evidence.

Investigations revealed that the companies violated Article 7 of the Competition Law by proceeding with an acquisition deal without prior notification to GAC. Article 7 stipulates that entities engaged in economic concentration activities must inform the authority at least 90 days before completion if their annual sales exceed a specified threshold.

This punitive action underscores GAC's commitment to upholding the Competition Law, promoting fair competition, combating monopolistic practices, and ensuring procedural transparency. The authority urges all entities to comply with the Competition Law and its regulations, fostering an environment of fair competition that benefits consumers, supports market growth, and enhances efficiency while upholding principles of justice and transparency. Establishments are encouraged to consult the compliance guide available on the authority’s website for further guidance.b