Ministry of Commerce: M&A transactions are regulated by the Ministry of Commerce. The closing of M&A transactions will be through the Ministry of Commerce, ending with the issue of the amended commercial registration of the company. Ministry of Investment: Foreign ownership of private company shares in Saudi Arabia is subject to the Foreign Investment Law and regulated by the Ministry of Investment. Before proceeding with M&A transactions involving foreign shareholdings in a private company, an investment licence must be issued or amended by the Ministry of Investment. Capital Market Authority (CMA): Public M&A transactions are regulated by the CMA. General Authority for Competition (GAC): The GAC may reject an M&A transaction if it results in an economic concentration.