In a significant development, the United International Transportation Company, commonly known as Budget Saudi, has recently revealed the signing of a non-binding Memorandum of Understanding (MoU) with the esteemed Saudi Economic and Development Holding Company (SEDCO). This strategic move aims to facilitate the complete acquisition of Al Jazeera Equipment Company Limited, widely recognized as AutoWorld, a prominent player in the realm of long-term operational leasing and car maintenance. Under the terms of the agreement, Budget Saudi intends to issue shares to the owner of Al Jazeera Equipment Company Limited, thereby solidifying its position as the majority stakeholder. This acquisition holds immense potential for Budget Saudi, as it seeks to expand its presence in the market and tap into the lucrative long-term operational leasing and car maintenance sectors. AutoWorld, with its established reputation and extensive expertise, has emerged as a leading force in the industry. By joining forces with this esteemed subsidiary, Budget Saudi aims to leverage its resources and capitalize on the synergies that exist between the two entities. This strategic move is expected to bolster Budget Saudi's market position and enhance its ability to cater to the evolving needs of its customers. The signing of the non-binding memorandum of understanding on August 24, 2023, marks a significant milestone in the journey of Budget Saudi. As the company moves forward with the acquisition process, all eyes will be on the ensuing developments and the impact they will have on the transportation and car maintenance landscape in Saudi Arabia.
