The acquisition of Auto World (Al-Jazira Equipment Company) by car rental company Budget Saudi Arabia (United International Transportation Co.) has been approved by Saudi regulators.

The Kingdom’s competition watchdog, the General Authority for Competition, issued a ‘no-objection’ notice to the deal through the Saudi Stock Exchange.

Budget Saudi Arabia initially announced the deal on Dec. 23 last year. Financial terms have not been disclosed.

Established in 1981, Auto World is a car leasing company working with both individuals and corporations. It also provides maintenance packages and has a used car division. Auto World has nine locations in the Kingdom.

Founded in 1978, Budget Saudi is led by its CEO and president Fawaz Abdullah Danish. It is a leading company in short- and long-term vehicle rental and leasing. It has more than 33,000 vehicles and has a network of almost 100 retail stores. At the end of 2023, Budget Saudi was listed among the Fortune 500 Arabia companies.

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