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Saudi Arabia Raises Minimum Limit for Entities Reporting Economic Concentration

"Muqawil” platform provides many services that facilitate procedures for contractors in Saudi Arabia (Asharq Al-Awsat)
"Muqawil” platform provides many services that facilitate procedures for contractors in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Raises Minimum Limit for Entities Reporting Economic Concentration

"Muqawil” platform provides many services that facilitate procedures for contractors in Saudi Arabia (Asharq Al-Awsat)
"Muqawil” platform provides many services that facilitate procedures for contractors in Saudi Arabia (Asharq Al-Awsat)

The Saudi government has raised the minimum limit of annual sales at which entities should notify the authority of economic concentration transactions to SAR 200 million ($53.3 million) from SAR 100 million ($26.6 million).

The decision was based on the annual review made by the General Authority for Competition (GAC), which considered the best international practices.

This came under the approval of GAC’s board of directors to amend Article No. 2 of the executive regulations of the Competition Law to read: “Entities seeking to join an economic concentration transaction – or the persons legally authorized to represent them - must notify the Authority at least 90 days prior to the completion of such transaction, if the total value of the entities' annual sales exceeds SAR 200 million.”

The amendment was approved during the 80th board meeting, with other resolutions adopted.

The GAC board followed up on the preliminary results of investigations into the motor sector, issuing several directives.

It also reviewed the investigation results of a lawsuit related to two entities in the food delivery and restaurants sectors, approving a settlement.

The board approved another settlement between two entities operating in the construction sector and nodded to exempting two entities operating in the electric vehicles (EV) sector for exclusive and unified contracts.

In other news, the Saudi Contractors Authority revealed that over 1,000 e-contracts worth more than SAR 308 million ($82.1 million) have been concluded on the Kingdom’s “Muqawil” platform, launched in 2021.

According to the Authority, 600 contracts have been signed for the implementation of framed structures without materials. Meanwhile, the contracts for implementation with materials reached 300.

The value of the highest contract concluded on Muqawil exceeded SAR 50 million ($13.3 million).

Muqawil also recorded SAR 10,000 ($2.6 thousand) as the lowest value of a typical contract concluded on the platform.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.