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RIYADH: Jahez International Co. for Information Systems Technology and AlHilal Club Investment Co. have received the go-ahead from the General Authority for Competition to set up a limited liability company to provide online sportswear.
This deal marks the first time GAC has received a request for an economic concentration application for a sports club in the Kingdom of Saudi Arabia, GAC official spokesman Saad Al Masoud said in a statement.
The partnership has formed under the name of BLU Store, with a capital of SR500,000 ($133,133), with 51 percent held by Jahez and 49 percent held by AlHilal, Jahez said last week in a bourse filing.