No Objection Certificate for Joint Venture NEOM, MBC, Issued -GAC Spokesperson

General Authority for Competition (GAC) issued a No Objection Certificate  the joint venture between NEOM Company and MBC Initiatives, which is wholly owned by MBC Group Holding Limited.

GAC stated that the new joint venture aims to implement, manage, operate, and develop a AAA video games in NEOM.

This joint venture in NEOM is considered one of its kind in the region. GAC analyzed the product dimension of the transaction in the video games sector since the new joint venture will provide its services in that market.

GAC elaborated that it also specified the geographic area of the transaction in the Saudi market.

Thus, GAC conducted a study on video game industry in Saudi Arabia to examine if this transaction would raise any competition concerns.

There are hardly any competition concerns in KSA because both parties do not own any market shares in the relevant market; which means the entry of a new establishment in the market leading to increase competitiveness in this

market, study conducted by GAC concluded. The joint venture will develop a new industry in the Kingdom and the Middle East region, and will contribute to the advancement of Information Technology and Programming sector in the Kingdom, according to GAC statement.

GAC stated that this joint venture will contribute in achieving one of the Saudi Vision 2030 Vision

objectives that focuses on increasing none-oil reve

GAC also elaborated that the joint venture will grow the entertainment sector and provide recreational options and opportunities for all segments of society.

In the conclusion of the statement, GAC asserted that the joint venture will provide job opportunities for young national expertise.In the same context, the General Authority for Competition Spokesperson Saad Al Masaud announced that GAC has approved 15 joint ventures to date most of them are relevant to Saudi Vision 2030 projects.