Al-Rasika Trucking Company “Rahal”, a wholly-owned subsidiary of “Rahal”, has signed Budget “Saudi Vehicle Rental, a sale and purchase agreement to acquire a 70% stake in the Emirati shipping agent. ”Overseas Development“.
She said “Budget In a disclosure to the Saudi Tadawul Stock Exchange, the value of the deal amounted to 13.3 million dirhams (about 13.6 million Saudi riyals).
Budget completes its acquisition of Overseas Development branches
Last November, Rahal had acquired a 70% stake in the Saudi subsidiary of Overseas Development, after in July 2022 it signed a memorandum of understanding that could also see it acquire a stake of the same size in the Overseas unit in Kuwait.
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During 2023, Budget Saudi Arabia witnessed a remarkable growth in its profits, as its net profit after zakat and tax reached 277 million Saudi riyals (73.89 million US dollars), an increase of 10% compared to 2022.
This growth is due to the increased use of the company’s growing fleet in short- and long-term rental services, in addition to the increase in used car sales.
Overseas Development Company
The company was establishedOverseas Development“(Overseas Development), established in 1976 in Jeddah, provides logistical, shipping, and industry-specific shipping services throughout Saudi Arabia, and has branches in Kuwait, the United Arab Emirates, and Lebanon.
The company also provides customs clearance services, according to its website.
