Budget Saudi acquires 70% of UAE’s Overseas Development

Budget Saudi’s fully owned subsidiary Aljozoor Alrasekha Trucking Co. (Rahaal) completed the acquisition, after fulfilling the preconditions of the agreement, including approvals from relevant authorities.

The relevant financial impact of the agreement will appear starting from the fourth quarter of 2024.

The last date for the transfer of ownership and regulatory documents was Dec. 25, the statement added.

Budget Saudi re-evaluated the acquired 70% stake and, based on negotiations, the stake value reduced from AED 13.35 million to AED 7.84 million.

In March 2023, Budget Saudi signed a binding memorandum of understanding (MoU) to acquire 70% of the total shares of the subsidiaries of Overseas Development Holding in Saudi Arabia, the UAE and Kuwait, Argaam earlier reported.

In April, it announced the signing of the sale and purchase agreement.