Saudi Arabia Files Criminal Cases against 35 Firms for Competition Breaches

A food commodities market in Saudi Arabia (Asharq Al-Awsat)
A food commodities market in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Files Criminal Cases against 35 Firms for Competition Breaches

A food commodities market in Saudi Arabia (Asharq Al-Awsat)
A food commodities market in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s General Authority for Competition (GAC) received 340 complaints last year, most of them related to the wholesale and retail sector, and referred 35 firms for criminal proceedings over anti-competitive practices, according to a new report seen by Asharq Al-Awsat.

The authority also reviewed settlement requests from 34 companies and took enforcement action against 22 entities found to be in violation of the Kingdom’s competition law.

The report showed that GAC received 317 economic concentration requests in 2024 and issued non-objection decisions for 202 of them. Another 105 were deemed not subject to reporting requirements, while 10 applications were still under review at year-end. No merger requests were rejected during the period.

The authority intensified its enforcement efforts by ramping up oversight and crackdowns on anti-competitive behavior. Investigations into the 340 complaints led to criminal referrals for 35 companies, it said.

Over the year, GAC carried out 459 monitoring and investigation operations and launched eight public awareness initiatives aimed at promoting a culture of compliance and fair competition.

To enhance the efficiency of its investigative tools, the authority developed a digital forensics and data analysis lab, enabling its inspectors and investigators to process evidence more accurately and efficiently. The move bolstered the authority’s ability to intervene and enforce regulations more effectively.

The GAC conducted in-depth studies on competition fairness in key sectors such as data, auditing, and management consulting. It also evaluated the impact of algorithms and artificial intelligence on market dynamics—efforts that informed policies aimed at fostering fair competition while balancing innovation and consumer protection.

These studies helped identify both challenges and opportunities, laying the groundwork for regulatory frameworks that support a more sustainable and competitive economic environment.

To improve governance and operational maturity, the authority rolled out internal digital platforms to track key indicators, manage projects, and streamline internal service requests. These upgrades helped accelerate decision-making and improve institutional efficiency.

Most departments have also updated their internal policies and procedures in line with global best practices, the report said, as part of broader efforts to enhance transparency and achieve strategic alignment across the organization.

In a major digital milestone, the authority received national enterprise architecture certification from the Digital Government Authority, after successfully adopting the government’s enterprise architecture framework to improve customer experience through enhanced digital channels.

Throughout the year, the GAC continued developing its regulatory environment and governance practices. It activated settlement tools to help companies remain operational while easing their financial burdens.

The authority reviewed laws, regulations, and policy proposals, participating in 61 legislative processes—most initiated by the GAC itself, while others responded to requests from government bodies or public consultations.

The report underlines GAC’s commitment to creating a robust, transparent regulatory landscape that promotes compliance and boosts institutional performance.

 



India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
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India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)

India has secured crude oil supplies for the next 60 days, ensuring stable fuel supplies in the country despite disruption in shipments from the Middle East, the oil ministry said in a statement on Thursday.

India, the world's third biggest oil consumer and importer, was buying over 40% of its oil imports from the Middle East. Those supplies are disrupted due to the US-Israeli war on Iran.

Higher availability of crude in global markets, mainly from the Western hemisphere, has helped offset the shortfall, the government said.

Taking advantage of a temporary US waiver, Indian refiners have also ramped up purchases of Russian crude, securing millions of barrels to fill the supply gap.

"Despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Strait," the ministry said.

As a net exporter of petroleum products, India’s domestic availability of petrol and diesel remains structurally secure, the government said.

The world's fourth-largest refiner has oil and fuel stocks sufficient to meet 60 days of demand, against a total storage capacity of 74 days, it added.

"Nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally. The next two months of crude procurement have also been secured," it added.

India has asked refiners to maximize production of liquefied petroleum gas, used as cooking fuel, as the nation was buying 90% of its LPG imports from the Middle East.

Domestic daily LPG production has been increased by 40% to 50,000 metric tons against a requirement of 80,000 tons, it said.

In addition, Indian companies have secured 800,000 tons of LPG cargoes from the United States, Russia, Australia, and other countries, it said.

These shipments, arriving across India's 22 LPG import terminals, provide roughly one month of assured supply, with further procurement underway, the government said.


SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services
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SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services

The Saudi Central Bank (SAMA) announced the licensing of “Altknwlwjya aljadydh llhulul albrmjyh” and “lyn tknwlwjyz Company Saudi Arabia litqniyat nuzum almaelumat” to conduct payment services by providing account information—one of the services associated with open banking.

The licenses were granted following the successful completion of the regulatory sandbox phase under SAMA’s supervision.

The decision reflects SAMA’s ongoing efforts to support and enable the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovation in financial services. This aims to advancing financial inclusion and expanding access to financial services across all segments of society.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.


UK Suffers OECD's Biggest Growth Downgrade as Iran War Pushes Up Energy Costs

This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
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UK Suffers OECD's Biggest Growth Downgrade as Iran War Pushes Up Energy Costs

This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)

Britain's economic ‌growth prospects this year received the sharpest downgrade of any major economy in the OECD's interim forecast update on Thursday following the US-Israeli war ​on Iran, while inflation is set to rise faster too.

The Paris-based international body cut its 2026 forecast for British economic growth by half a percentage point to 0.7%, compared with a 0.4 percentage point downgrade for the euro zone and a 0.3 percentage point upgrade for the United States.

"Planned fiscal tightening and higher energy prices ‌are anticipated to keep ‌growth subdued in the United ​Kingdom, ‌though the ⁠impact ​will be ⁠attenuated by lower policy rates next year," Reuters quoted the OECD as saying in its report.

Following are further highlights from the report and other context:

Britain's growth forecast for 2027 is unchanged at 1.3%.

Britain's inflation forecast for 2026 is revised up by 1.5 percentage points from December to 4.0%, the ⁠biggest upward revision of any large, advanced ‌economy.

UK inflation in 2027 ‌is forecast to be 2.6%, 0.5 percentage ​points higher than in ‌December and above the Bank of England's 2% target.

Poorer UK households spend more on gas and electricity than in other rich countries, though total energy spending makes up a smaller share of UK inflation than elsewhere.

The OECD expects the ‌BoE to keep interest rates unchanged this year then cut in Q1 2027 as inflation ⁠eases.

⁠Britain's Office for Budget Responsibility, in forecasts finalized just before the start of the conflict, predicted GDP growth of 1.1% this year and 1.6% in 2027.

The BoE this month forecast inflation would rise to 3.0-3.5% over the next couple of quarters.

Prime Minister Keir Starmer has made boosting growth and reducing the cost of living top goals for his government.

Finance minister Rachel Reeves said the forecasts showed the war in the Middle East ​was affecting Britain but ​she would still focus on "regional growth, embracing AI and innovation, and establishing a closer relationship with the EU."