Saudi Arabia’s antitrust authority has imposed a penalty on 14 cement companies amounting to SR140 million ($37.32 million) for conspiring to increase cement prices in the country.
The General Authority for Competition has fined each of the producers SR10 million for violating Article 4 of the Competition Law by manipulating cement prices for their own benefit.
The law forbids collusion between competing firms to manipulate prices of goods and services, which can negatively impact the market.
Related: India: Tribunal repeals Competition Commission US$945 million fine on cement firms
The companies which are penalized include Al Safwa Cement Co., City Cement Co., Al-Jouf Cement Co., Umm Al-Qura Co., Qassim Cement Co., Najran Cement Co., Southern Province Cement Co., United Cement Industrial Co., Yamama Cement Co., Riyadh Cement Co. Arabian Cement Co., Saudi Cement Co. and Hail Cement Co. and Yanbu Cement Co, the authority revealed in a release.
The authority said it received complaints that several companies in the cement sector had manipulated the prices to benefit themselves.
