Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.Find out more
Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.Read the full edition
On March 28th, 2023, the General Authority for Competition (“GAC”) announced its decision to raise the threshold of the minimum annual sales requirement on which an economic concentration is required to be notified (for the purpose of obtaining the GAC’s clearance, to proceed with the transaction) from 100 million Saudi riyals (approx. USD 26 million) to 200 million Saudi riyals (approx. USD 52 million).
Within the context of the relevant press release, the GAC observed that the decision to raise the threshold took into account the “best international practices, and aspects related to the variables of the national economy and the level of market competitiveness, in addition to facilitating procedures and easing financial burdens, especially on small and medium-sized companies”.
The GAC’s decision came as no surprise, as the GAC had announced last December that it was in the process of reviewing the threshold of the minimum annual sales requirement, as well as the relevant filing fees (for the application for obtaining the GAC’s clearance); and, even, invited the public to participate in the review process of the proposed amendments. Needless to say, the decision was long anticipated, and was hailed as a welcomed change.
It should be noted that the amendment to the threshold will be effective immediately, from March 29th, 2023. Furthermore, while the contemplated amendment to the filing fees has not been announced as of today, we understand that it is expected to follow within the year.
Please reach out to us if you need to learn more about the recent changes to the competition law framework, in KSA.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.