{"id":85216,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/16\/budget-saudi-unit-takes-majority-stake-in-uae-freight-forwarder\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"budget-saudi-unit-takes-majority-stake-in-uae-freight-forwarder","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/16\/budget-saudi-unit-takes-majority-stake-in-uae-freight-forwarder\/","title":{"rendered":"Budget Saudi unit takes majority stake in UAE freight forwarder"},"content":{"rendered":"

Budget Saudi subsidiary acquires majority stake in Overseas Development <\/strong>in UAE: <\/strong>Aljozoor<\/a><\/a>Alrasekha<\/a>Trucking (Rahaal)<\/a> \u2014 a wholly-owned subsidiary of vehicle rental firm Budget Saudi<\/a> \u2014- has signed a sale and purchase agreement to acquire a 70% stake in UAE freight forwarder Overseas Development<\/a> \u2019s subsidiary in the UAE. The transaction was valued at AED 13.3 mn (c. SAR 13.6 mn), Budget said in a disclosure to Tadawul<\/a>.<\/p>\n

Rahaal is on the move: <\/strong>It acquired in November<\/a> a 70% stake in Overseas Development\u2019s Saudi subsidiary, having inked back in July 2022<\/a> an MoU that could also see it take a stake of the same size in Overseas\u2019 Kuwait unit.<\/p>\n

About the company: <\/strong>Founded in 1976 in Jeddah, Overseas Development provides industry-specific logistics, shipping and freight services across the Kingdom, Kuwait, the UAE, and Lebanon. The company also offers customs brokerage and ins. services for its sea, land and air shipments, according to its website<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

It remains unclear if the sealed acquisitions of Overseas Development subsidiaries in Saudi and Kuwait by Rahaal would follow<\/p>\n","protected":false},"author":1,"featured_media":85217,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[1621,10,14],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-budget-saudi","tag-enterpriseam-ksa","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"687d2576-e637-4bae-9720-01aa05571099","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/892.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Budget Saudi unit acquires 70% of UAE freight forwarder Overseas Development","related_issue":[85205],"teaser":"It remains unclear if the sealed acquisitions of Overseas Development subsidiaries in Saudi and Kuwait by Rahaal would follow","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.93cfd6c6-93e2-4ea3-82c6-c447791c84c1.mp3"},"yoast_head":"\nBudget Saudi unit takes majority stake in UAE freight forwarder - 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