* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, September 15, 2025
Earth-News
  • Home
  • Business
  • Entertainment

    From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

    Fall’s Hottest Ski Films Are Going on Tour—Here’s the List – yahoo.com

    Experience the Thrill: Fall’s Hottest Ski Films Hit the Road-Don’t Miss the Tour!

    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Unlocking AI Success: How People, Process, and Technology Form the Ultimate Triangle

    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment

    From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

    Fall’s Hottest Ski Films Are Going on Tour—Here’s the List – yahoo.com

    Experience the Thrill: Fall’s Hottest Ski Films Hit the Road-Don’t Miss the Tour!

    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Unlocking AI Success: How People, Process, and Technology Form the Ultimate Triangle

    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

‎AutoWorld acquisition to boost Budget Saudi’s market share: CEO

April 17, 2024
in Business
‎AutoWorld acquisition to boost Budget Saudi’s market share: CEO
Share on FacebookShare on Twitter

رئيس بدجت السعودية لـ أرقام: صفقة الاستحواذ على عالم السيارات هي الأكبر للشركة وستمكننا من زيادة حصتنا السوقية

Fawaz Danish CEO of Budget Saudi

United International Transportation Co.’s (Budget Saudi) acquisition of Al-Jazira Equipment Co. Ltd (AutoWorld) paves the way for a new era of growth opportunities, driven by a robust and strong Saudi economy, President & Group CEO Fawaz Danish told Argaam in an interview.

The structural changes in the transportation sector outlined by Vision 2030 will bolster the Kingdom’s position as a global logistics hub, alongside a flourishing tourism sector,  he added.

For more exclusive interviews

Danish said the acquisition will be the largest of its kind in the company’s history if it is completed after fulfilling the required procedures.

This will enable the company to lay the foundations for future strategic initiatives that will advance sustainable growth, enhance the company’s competitiveness, and add value to shareholders.

He added that the deal strengthens Budget Saudi’s position as a leading company in the long-term car lease market in the Kingdom, which will help raise its market share to about 23%. Additionally, it will improve the quality of services in the local transportation sector, which is witnessing significant transformation.

Danish spoke about the anticipated deal and future growth prospects, revealing the company’s strategy to enhance its competitive capabilities and expand its services to reach new segments of customers.

Below are the interview excerpts.

Q: Can you give us the details of Budget Saudi’s deal to acquire AutoWorld?

A: The company has entered into a share swap agreement with the Saudi Economic and Development Holding Co. (SEDCO Holding) to acquire the entire 300,000 shares of AutoWorld, representing 100% of its capital.

The acquisition will be made through Budget Saudi’s wholly owned subsidiary, Aljozoor Alrasekha Trucking Co. (Rahaal), in exchange for the issuance of new shares by Budget Saudi to the shareholders of AutoWorld. Nearly 3.9 million shares will be issued to SEDCO Holding, equivalent to 5% of capital, and 3.09 million shares to First Development Co. (FDC), representing a 3.95% stake.

Accordingly, Budget Saudi’s capital will be increased from SAR 711.67 million to SAR 781.67 million, through the issuance of 7 million ordinary shares, bringing the total number of shares to 78.16 million ordinary shares.

Upon completing the acquisition deal, AutoWorld will operate as an independent entity under Budget Saudi’s management. The acquisition aims to strengthen the company’s position in the market and benefit from the synergies between the two companies.

Q: What competitive advantages will Budget Saudi gain through this acquisition?

A: There are several main reasons that make this acquisition an important and pivotal step in the company’s journey, as it provides a foundation to expand and seize the opportunities available in the thriving economy of the Kingdom, while benefiting from the structural changes in the transportation sector and the significant growth witnessed by the tourism sector.

The acquisition of AutoWorld will also enable us to significantly increase our market share to 23% in the long-term car lease business. This will consolidate our leadership position in the market as the largest car rental company in the Middle East.

After the acquisition, we intend to merge our Payless, a short-term car rental services company, with AutoWorld to benefit from a diverse customer base, including residents, business travelers, and vacation travelers. This will grow and enrich our customer portfolio and enhance its diversity, which will support the more effective relaunch of Payless in short-term car rental activity. This will also enable AutoWorld to develop its brand, expand in the Kingdom and serve a new segment of customers.

Meanwhile, this transaction is a strategic step that will strengthen the car rental market in the Kingdom, while improving the quality of service and competitiveness in the evolving transportation sector.

This acquisition also allows us to reach new customers in vital sectors and diversify our portfolio, thus reducing risks and meeting a wide range of customer needs. Through the integration of two well-reputed brands in the industry, we will work to establish a strong presence in the market, building on the combined strengths of both parties. 

Moreover, aligning best practices and offers of the two companies, as well as leveraging technological capabilities, will enhance customer experiences and operational efficiency, thus increasing customer loyalty and stimulating long-term revenue growth.

Q: What are the expected benefits of integrating Budget Saudi and AutoWorld after the acquisition?

A: AutoWorld operates in the same sector in which we are active; therefore, there are clear complementary aspects such as increasing the size of the fleet, and benefiting from accumulated experiences, including experienced work personnel. Additionally, the acquisition will enable significant cost savings, reduce surplus resources, and benefit from significant economies of scale, leading to improved margins in the medium to long term.

The deal also enables us to increase the efficiency of fleet utilization, improve procurement, and enhance negotiating capabilities with the key suppliers in relation to the purchase of new vehicles, maintenance and spare parts, as well as with insurance providers and other suppliers. The acquisition will also lead consolidate administrative departments, including human resources, finance, IT and other supporting departments. The entity resulting from the acquisition will benefit from improved processes and shared resources, which will not only seek to reduce excessive costs, but also enhance overall flexibility and respond to market requirements based on estimates prepared by independent experts.

Therefore, we expect to achieve savings in recurring costs in the tens of millions during the first three years after the acquisition, while we will begin fully benefiting from the cost reduction by the third year after the concluding deal.

This will have a long-term positive impact on the total independent cost of AutoWorld.

Q: How much is the acquisition expected to contribute to revenue growth and profitability in the short and long terms?

A: In the short term, we expect the acquisition to increase our revenues immediately by integrating AutoWorld’s customer base and fleet operations into our business. We also anticipate a positive impact on profitability through cutting costs and raising operational efficiency, particularly in procurement and fleet management.

In the long term, the acquisition will likely achieve sustainable revenue growth by expanding our market presence, enhancing our service offers, and reaching new customer segments. Over time, we project to see continued improvement in profitability driven by lower costs, improved operations, and enhanced market leadership.

Q: What is AutoWorld’s expected role in enhancing Budget Saudi’s market share in the commercial transactions sector?

A: We are very confident that this deal is being concluded in ideal conditions, in terms of timing, sector, and favorable conditions that the Kingdom is going through.

Our acquisition aims to benefit from the urban development and continued economic growth in the Kingdom, which will stimulate an increase in demand for transportation services, particularly in major cities by supporting mega projects in which AutoWorld has a strong presence.

This transaction will enhance Budget Saudi’s market share in the transactions sector in both business-to-business (B2B) and business-to-government (B2G) transactions. We expect to reach great horizons and promising opportunities in the market that have not been utilized relatively adequately. This is in addition to the strong growth potential driven by the general trend in the market to shift from asset ownership models to utilization models through leasing contracts.

Furthermore, the Kingdom is currently witnessing a golden period in the tourism sector, especially as it hosts an unprecedented number of international sporting events in conjunction with the sector’s growth momentum. The Kingdom aspires to attract 30 million visitors from pilgrims and Umrah performers and 100 million tourists annually by 2030.

Thanks to the youth demographic and the increase in the number of women entering the labor market and driving cars, we are witnessing a significant development in spending patterns and trends, which contributes to increasing the demand for transportation solutions.

All these factors enhance our capabilities to meet the growing demand for integrated transportation solutions and logistics services by benefiting from strong macroeconomic dynamics and favorable social trends.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1720155

Tags: Acquisition‎AutoWorldbusiness
Previous Post

Google Pixel 8a leaks in new, clearer renders

Next Post

‎Saudi Arabia’s private sector workers grow to 11.2M in March

From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

September 15, 2025
A multibillion-dollar oil project is impacting locals’ health and livelihood in Uganda – NPR

Multibillion-Dollar Oil Project Threatens Health and Livelihoods of Ugandan Communities

September 15, 2025
Politics chat: Assassination of Charlie Kirk and the rise of political violence – NPR

The Alarming Rise in Political Violence and the Threat Facing Charlie Kirk

September 15, 2025
Washington takes on flawed federal climate report – NewsRadio 560 KPQ

Washington Challenges Key Flaws in Federal Climate Report

September 14, 2025
James Webb telescope’s ‘starlit mountaintop’ could be the observatory’s best image yet — Space photo of the week – Live Science

James Webb Telescope Unveils Stunning ‘Starlit Mountaintop’ – Perhaps Its Most Breathtaking Image Yet

September 14, 2025

Colby College Announces Exciting New $150 Million Science Facility Funded by Anonymous Donor

September 14, 2025
Maine Coon Cat’s Sweet Love Story With Tiny Sphynx Kitty Is Touching Hearts – yahoo.com

Adorable Maine Coon and Tiny Sphynx Share a Heartwarming Love Story

September 14, 2025

Unlocking AI Success: How People, Process, and Technology Form the Ultimate Triangle

September 14, 2025
Transgender student who challenged Idaho sports ban drops lawsuit – KTVB

Transgender student who challenged Idaho sports ban drops lawsuit – KTVB

September 14, 2025
Ricky Hatton, former world boxing champion, found dead in his home at age 46 – cbsnews.com

Heartbreaking News: Former World Boxing Champion Ricky Hatton Dies at 46

September 14, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (820)
  • Economy (839)
  • Entertainment (21,718)
  • General (17,040)
  • Health (9,884)
  • Lifestyle (855)
  • News (22,149)
  • People (843)
  • Politics (849)
  • Science (16,050)
  • Sports (21,340)
  • Technology (15,822)
  • World (822)

Recent News

From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

September 15, 2025
A multibillion-dollar oil project is impacting locals’ health and livelihood in Uganda – NPR

Multibillion-Dollar Oil Project Threatens Health and Livelihoods of Ugandan Communities

September 15, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version