SAUDI ARABIA Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Omar Halbouni and Shahad Al-Humaidani, GLA & Company
8. Appeals and Judicial Review 8.1 Access to Appeal and Judicial Review The parties have 30 days from the date on which the violator is notified of the Settlement Committee’s deci - sion to file a grievance (appeal) before the competent court. If no grievance is filed within this period, the decision will become final. Article 18 (3) of the KSA Competition Law specifies that grievances may be filed against the Settlement Committee’s decisions before the “competent court” within 30 days. If a party files a grievance against the Settlement Committee’s decision before the competent court, that party must notify the GAC within the timeframe prescribed under the KSA Competition Law and Implementing Regulations. 8.2 Typical Timeline for Appeals No statistics have been released with respect to suc - cessful or unsuccessful appeals of GAC decisions. 8.3 Ability of Third Parties to Appeal Clearance Decisions The authors are not aware of any third-party appeals of GAC decisions to date.
9. Foreign Direct Investment/Subsidies Review 9.1 Legislation and Filing Requirements Any company registered to do business in Saudi Ara - bia that enters into a transaction involving the entry or exit of shareholders will generally be required to file the relevant documentation reflecting the ownership changes in the company’s commercial registration and constitutional documents. For clarity, where the company holds a foreign invest - ment licence issued by the Ministry of Investment of Saudi Arabia (“MISA”), changes relating to foreign ownership or shareholders will generally also need to be notified to and reflected with MISA through an amendment to the relevant investment registration/ licence records. There is otherwise no separate foreign direct invest - ment or foreign subsidies filing regime applicable in the context of merger control transactions in Saudi Arabia.
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