Saudi-Bahraini Holding Company to Lead Joint Investments

The agreement was reached on the sidelines of the second meeting of the Saudi-Bahraini Coordination Council in Bahrain’s Sakhir Palace, Asharq Al-Awsat
The agreement was reached on the sidelines of the second meeting of the Saudi-Bahraini Coordination Council in Bahrain’s Sakhir Palace, Asharq Al-Awsat
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Saudi-Bahraini Holding Company to Lead Joint Investments

The agreement was reached on the sidelines of the second meeting of the Saudi-Bahraini Coordination Council in Bahrain’s Sakhir Palace, Asharq Al-Awsat
The agreement was reached on the sidelines of the second meeting of the Saudi-Bahraini Coordination Council in Bahrain’s Sakhir Palace, Asharq Al-Awsat

Bahrain and Saudi Arabia agreed to hold a feasibility study for establishing a Bahraini-Saudi multi-industry holding company.

The agreement was reached on the sidelines of the second meeting of the Saudi-Bahraini Coordination Council in Bahrain’s Sakhir Palace, co-chaired by Bahraini Crown Prince and Prime Minister Salman bin Hamad Al Khalifa and visiting Saudi Crown Prince, Deputy Prime Minister, and Defense Minister Mohammed bin Salman.

It was signed on Thursday by the Chairman of the Federation of Saudi Chambers of Commerce Ajlan Al-Ajlan and the Bahrain Chamber of Industry and Commerce president, Samir bin Abdullah Nass.

Nass said the forum, which comes in light of the launch of plans and initiatives to boost the economy after the coronavirus pandemic, prompts working together to accelerate the pace of economic integration and development.

He noted that economic integration projects aim at the private sector in the first place.

Al Ajlan said: “The trade exchange between Bahrain and Saudi amounted to about 24.4 billion riyals in 2020, and Saudi exports to Bahrain represented 71.4% of the total exchange, reaching 17.4 bn Saudi riyals.”

Bahrain, he said, ranks second among the GCC countries in the volume of trade exchange with Saudi Arabia and the ninth partner Among the countries of the world.



Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
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Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat

The Saudi General Authority for Competition (GAC) continues its campaign to crack down on violations committed by car dealers and showrooms.

On Tuesday, GAC issued decisions to initiate criminal lawsuits against 107 institutions and to study settlement requests submitted by 17 others.

This came after vehicle prices in Saudi Arabia witnessed a significant increase, prompting the concerned government agencies to verify and stop market manipulation.

According to information made available to Asharq Al-Awsat, the Authority investigated last year 155 establishments operating in the automobile sector, and found that 124 institutions have violated the provisions of the Competition Law and its executive regulations.

Violations included agreements between firms on fixing vehicle prices and dividing markets on the basis of geographical areas.

The Authority noted that these violations led to reducing competition and affecting consumer well-being, forcing the Board of Directors to initiate criminal lawsuits against 107 establishments, and to study settlement requests submitted by 17 others.

In January, the Authority approved filing charges against 79 firms, including agents, distributors, and car showrooms, for violating the law and its executive regulations.

The GAC Board held its 85th meeting on Tuesday and decided to initiate a criminal case against a number of establishments, due to allegations of price-fixing, market division, and other anticompetitive practices.

Moreover, the Board reviewed the results of an investigation in the education and industry sectors, and approved taking the necessary measures against six institutions.

It also decided to approve settlement requests submitted by two firms serving cold and hot beverages and pastries, after reviewing the results of the relevant study and investigation.