{"id":32036,"date":"2021-08-12T12:55:28","date_gmt":"2021-08-12T09:55:28","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=32036"},"modified":"2021-08-12T12:55:28","modified_gmt":"2021-08-12T09:55:28","slug":"%d9%87%d9%86%d8%a7-%d8%a3%d8%b3%d9%85%d8%a7%d8%a1%d9%87%d8%a7-%d8%a7%d9%84%d9%85%d9%85%d9%84%d9%83%d8%a9-%d8%aa%d8%b4%d9%87%d8%af-%d8%a3%d9%83%d8%a8%d8%b1-%d8%b9%d9%85%d9%84%d9%8a%d8%a9-%d8%a7","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/32036\/","title":{"rendered":"Here are their names... Saudi Arabia witnesses the largest merger of \u201c32\u201d exchange companies and institutions into one entity"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Talal Alhakil, head of the merger inspection unit at the General Authority for Competition, confirmed that the merger of 32 companies and institutions in the field of currency exchange is the largest merger in the history of the authority in terms of the number of companies, not in terms of the value of the transaction, out of 73 currency exchange companies in Saudi Arabia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>Yesterday, the authority announced that it has no objection to completing the economic merger process between 32 companies and a banking institution, stating that the type of merger is the integration of all companies under a single entity.<br \/>Hakil explained that banking companies and institutions account for 34 percent of the banking market, while the establishments involved in mergers account for only 17 percent, traditional banks account for 45 percent in the banking market, while hotels account for 3 percent.<br \/>According to Hakili, the authority, after carefully studying the foreign exchange market (selling and buying foreign currencies), concluded that the merger of the 32 exchange companies will not lead to the creation of a new entity capable of raising prices or reducing products.<br \/>Hakil revealed that the Authority\u2019s study focuses on other economic requests currently, as it received 156 requests during the current year, while it issued 61 no-objection letters regarding mergers.<br \/>He said that many of these companies were affected by the Corona pandemic, including 19 institutions located in the Makkah region, nine in Madinah, one in Riyadh region, and the same number in the Eastern Region.<br \/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He pointed out that according to the companies\u2019 statements, these mergers allow them to open branches in any region in Saudi Arabia, even in malls, to keep up with tourism, for example, not to mention other things.<br \/>\u201cCompetition\u201d explained that the market for the sale and purchase of currencies is characterized by high transparency and exchange rates that change according to the global market situation, thus making it difficult for the dominant entities in this market to raise prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>The Authority also carefully examined the element of efficiency and concluded that the merger process would lead to increased economies of scale and reduced variable costs depending on the global market situation, thus the merger process could contribute to investment in innovation and product development.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>\u201cCompetition\u201d stated that it carefully assesses any merger or acquisition request, ensuring that the new entity is not in a dominant position in the market. The Authority also considers structural or regulatory barriers to entry in the sector when analyzing the sector, and accordingly, it notifies the sector regulator if it finds any barriers in the sector.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"1024\" src=\"https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr-550x1024.jpg\" alt=\"\" class=\"wp-image-32037\" srcset=\"https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr-550x1024.jpg 550w, https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr-161x300.jpg 161w, https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr-768x1430.jpg 768w, https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr-825x1536.jpg 825w, https:\/\/amlak.net.sa\/wp-content\/uploads\/2021\/08\/E8gf63FXMAMsPTr.jpg 1024w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/figure>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">Minutes<\/span><\/span>Talal Al-Haqil, head of the Merger Review Unit at the General Authority for Competition, confirmed that the merger of 32 currency exchange companies and institutions is the largest merger in the Authority\u2019s history in terms of the number of companies, though not in terms of the value of the transaction, out of a total of 73 currency exchange companies in Saudi Arabia. The Authority announced yesterday that it had no objection to the completion of the economic concentration involving 32 companies and institutions \u2026 <a title=\"Here are their names\u2026 The Kingdom witnesses the largest merger of 32 companies and institutions in the field of currency exchange into a single entity\" class=\"read-more\" href=\"https:\/\/amlak.net.sa\/en\/32036\/\" aria-label=\"Read more about Here are their names\u2026 The Kingdom witnesses the largest merger of 32 companies and institutions in the field of currency exchange into a single entity\">Read more<\/a><\/p>","protected":false},"author":11,"featured_media":32038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"\u0647\u0646\u0627 \u0623\u0633\u0645\u0627\u0621\u0647\u0627 ... \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u062a\u0634\u0647\u062f \u0623\u0643\u0628\u0631 \u0639\u0645\u0644\u064a\u0629 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