Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
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Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)

A meeting between Saudi and Swiss officials was held on Thursday in the capital Berne where talks focused on promoting cooperation between the two countries at the industrial and mining levels, and increasing non-oil exports.

The round table meeting was chaired by Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef, and Helene Budliger Artieda, Swiss minister of state for economic affairs.

The meeting was held in the presence of more than 15 major Swiss companies.

The two sides reviewed promising investment opportunities in these sectors in accordance with the objectives of "Saudi Vision 2030" and the national strategy for industry, which aims to expand the industrial base in the Kingdom.

Al-Khorayef’s visit to Switzerland aims to promote growth opportunities between the two countries in a number of promising industries, increasing access to Saudi non-oil exports to European markets, and attracting qualitative foreign investments in targeted sectors.



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.