Budget Saudi unit acquires 70% of UAE freight forwarder Overseas Development

Budget Saudi subsidiary acquires majority stake in Overseas Development in UAE: Aljozoor Alrasekha Trucking (Rahaal) — a wholly-owned subsidiary of vehicle rental firm Budget Saudi —- has signed a sale and purchase agreement to acquire a 70% stake in UAE freight forwarder Overseas Development ’s 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.

Rahaal is on the move: It acquired in November a 70% stake in Overseas Development’s Saudi subsidiary, having inked back in July 2022 an MoU that could also see it take a stake of the same size in Overseas’ Kuwait unit.

About the company: 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.

About Rahaal: The fully owned Budget Saudi subsidiary provides commercial vehicles leasing, transport, and logistics services to clients in Saudi Arabia, according to its LinkedIn. The outfit caters to the FMCG, courier, manufacturing, energy, container movement, and other markets.