SR373B in Q2 Filings: What GAC Merger Filings 2026 Reveal About Saudi Deal Momentum

The headline number attached to Q2 activity is the total value of deals that entered the review workflow during the quarter: about SAR373.84 billion. The source emphasizes this is the value of filings received during the period, not the value of completed transactions. That distinction matters when reading market momentum because it frames SAR373.84 billion as a measure of pipeline intensity, not an audited tally of closed M&A. Taken together with the 112 filings and the year-on-year increase in no-objection decisions, the quarter suggests that more deals are being submitted and progressed through the formal review steps, even if completion happens later.

What the Q2 2026 Mix Says About Deal Structure and Control

The Q2 2026 breakdown shows acquisitions dominating GAC-reviewed economic concentrations. Acquisitions accounted for 89% of filings, while joint ventures made up 8% and mergers represented 3%. The same dataset also classifies deals by the relationship between parties: horizontal deals were 49%, conglomerate deals were 38%, and vertical deals were 13%. For practitioners tracking GAC merger filings 2026 as a barometer of how Saudi deals are being shaped, this mix implies that most submissions are changes of ownership or control rather than full entity combinations, with a sizable share also involving parties that are not direct competitors.

Foreign participation is another clear signal within the Q2 2026 data. Foreign entities accounted for 75% of economic concentration activity recorded in the quarter, compared with 25% for domestic entities. Separate legal commentary also notes that M&A in Saudi Arabia can involve multiple regulators depending on the target and structure, including MISA registration, Ministry of Commerce filings, GAC clearance where thresholds are met, and CMA approval for listed targets. In addition, a legal guide reports that CMA rule amendments on 6 January 2026 removed the QFI regime and discontinued the swap-agreement framework, opening Saudi-listed shares to direct investment by all foreign investors from 1 February 2026, subject to foreign-ownership limits and sectoral restrictions.

For historical context on the competition authority’s workflow, a comparative merger-control guide reports that the GAC issued updated Merger Review Guidelines in April 2025 and that notification is compulsory for any entity covered by the KSA Competition Law. The same guide summarizes GAC reporting for 2024 and the first quarter of 2025, including that Q1 2025 saw 108 new economic concentration notifications submitted to the GAC. Those Q1 2025 notifications resulted in 64 clearances, 32 no-notification-required decisions, and 2 conditional clearances, with 10 notifications still being reviewed. Read alongside Q2 2026’s 112 filings and 10 under review, the overall picture is a system processing high volumes with outcomes spread across clearances, no-notification outcomes, and ongoing reviews.