22 May 2024
Hourani & Partners advised United International Transportation Co. (Budget Saudi) with respect to its obtaining the Capital Market Authority’s (CMA) approval to increase Budget Saudi’s capital from SAR 711,666,680 to SAR 781,666,680 by issuing SAR 7m ordinary shares to acquire all shares of Al-Jazira Equipment Company Limited (AutoWorld), through its subsidiary Aljozoor Alrasekha Trucking Co…
The recent wave of mergers and acquisitions in the Middle East, prompted by increased investment in the region, have compelled a significant evolution of antitrust and competition laws in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Both countries have adopted both a proactive and reactive approach to merger control and…
The Saudi Arabian General Authority for Competition (GAC) has most recently released its annual report for 2022 (the Annual Report), shedding light on the enforcement actions taken against violators of the Competition Law (Royal Decree No. M75/1440 and its Implementing Regulations (issued by the Board of Directors of the GAC on 24/09/2019, as amended from…
Hourani & Partners’ Tax and International Trade team, in collaboration with STI Taxand, a tax firm that is exclusively practicing in the field of international tax, hosted a breakfast seminar entitled ‘International Perspective of UAE Taxation: Transfer Pricing and Tax Treaties’. Led by Hourani’s Head of Tax & International Trade, Zain Satardien, the session offered…
Central to Saudi Arabia’s Vision 2030 reforms, the Kingdom has introduced its Regional Headquarters (RHQ) program, an initiative poising Saudi Arabia as a powerhouse in the Arab region. Framework In terms of Saudi Arabia’s Foreign Investment Law, companies wishing to be part of the RHQ program must fulfil specific criteria set by Saudi Arabia’s…
The United Arab Emirates (UAE) Federal Tax Authority (FTA) has released several detailed guides in 2023 and recently one in 2024, regarding various legal aspects and concepts of the UAE Corporate Income Tax Law, offering detailed explanations and practical examples to aid taxpayers in understanding and complying with the new UAE Corporate Income Tax Law….
In a landmark policy shift, the UAE Ministry of Finance has introduced the Corporate Income Tax Regime (CIT), effective June 2023. The move marks a departure from the UAE’s longstanding no-taxation policy, positioning it in a new phase of economic development. The UAE’s Corporate Tax Law aims to promote foreign investment and transparency, maintaining a…
On 6 December 2023, the Zakat, Tax, and Customs Authority (ZATCA) ratified a new set of guidelines known as The Rules of Customs Procedures Guide, under Resolution 28624. These rules, initially open for public consultation, have now been officially published in the Saudi Official Gazette Umm Al-Qura (in Arabic). The effective date is officially…
