Рубрика: Business

Dubai Taxi Company announced on May 13, 2026, that it entered into a sales and purchase agreement to acquire 100 percent of National Taxi for an enterprise value of AED 1.45 billion, funded entirely through new bank debt facilities with no equity issuance or dilution for existing shareholders. The deal, the company’s first major acquisition since its 2023 initial public offering, is projected to increase its Dubai market share from 47 percent to approximately 59 percent while establishing a 12 percent presence in Abu Dhabi, according to a statement issued by Dubai Taxi Company and distributed via Zawya. The transaction is expected to close in early Q3 2026 subject to regulatory approvals from the Roads and Transport Authority in Dubai and the Integrated Transport Centre in Abu Dhabi.

Dubai Taxi Company said in the statement that National Taxi, founded in 2000, operates approximately 2,534 licensed plates and a fleet of more than 2,700 vehicles across Dubai, Abu Dhabi and Al Ain. The target completed 25.4 million trips in the year ended July 31, 2025, at a 98 percent fleet utilisation rate while generating net revenue of AED 774 million, EBITDA of AED 183 million and net profit of AED 101 million. National Taxi maintains 1,734 plates in Dubai and 800 in Abu Dhabi and Al Ain, with 77 percent of its fleet comprising electric or hybrid vehicles.

The statement noted that the combined pro forma fleet would exceed 14,000 vehicles as of May 2026, serving an estimated 78 million annual trips across the UAE. Dubai Taxi Company currently operates more than 11,000 vehicles, including over 6,800 taxis, and completed 53 million trips with its taxis and limousines in 2025. The acquisition will allow retention of the National Taxi brand with a partial integration approach that maintains customer-facing operations while consolidating functions such as finance, procurement and back-office activities.

According to the press release, the deal is anticipated to prove earnings accretive from the first full year of ownership with identified synergies equivalent to around 5 percent of National Taxi’s net revenue, primarily from fleet procurement savings, centralised maintenance and back-office consolidation. Dubai Taxi Company’s statement highlighted additional upside potential from revenue optimisation in driver commissions and fleet allocation. Net debt to EBITDA is projected at approximately 2.5 times at completion with progressive deleveraging expected from strong cash flow generation.

A Ken Research report placed the UAE taxi market at USD 2.18 billion in 2025, driven by sustained tourism growth, rising airport traffic and expanding urban commuting needs. The World Bank has projected UAE GDP growth of 5.0 percent in 2026, benefiting non-oil sectors including construction and services that support mobility demand. The statement described the taxi and ride-hailing market in Dubai and Abu Dhabi as poised for continued expansion amid population growth, visitor inflows and infrastructure investment.

Dubai Taxi Company’s Group Chairman H.E. Abdul Muhsen Ibrahim Kalbat said in the statement, «This acquisition represents an important strategic milestone for DTC, strengthening our leadership position in Dubai while establishing a meaningful presence in Abu Dhabi. National Taxi is a well-established and high-quality operator with a strong financial profile, and this acquisition allows us to expand our platform, enhance scale and position the business for long-term growth.» Kalbat added that the company remains confident in Dubai’s long-term trajectory and the UAE’s ability to attract investment, talent and visitors.

Group CEO Mansoor Rahma Alfalasi added in the statement that the acquisition represents a strong strategic and operational fit that enhances scale and market position while aligning with a disciplined approach to capital allocation and balance sheet strength. Toufic Mitri, Managing Director at National Taxi, stated that his company had appointed financial advisers for a competitive process that ultimately led to Dubai Taxi Company’s compelling proposal after attracting interest from investors across multiple regions. The statement identified Alvarez & Marsal as Dubai Taxi Company’s financial adviser and DLA Piper as legal adviser, while National Taxi retained Emirates NBD Capital, Lazard Gulf and White & Case.

Middlebank Consulting Group appointed Mark Hopkins as an associate on May 13, 2026, according to a press release from the company. The Dubai-based consultancy said Hopkins will focus on supply chain planning, inventory optimisation and visibility to help clients improve operational performance through better use of data and planning systems. With more than 25 years of experience, Hopkins most recently served as vice president for global accounts at Netstock, where he supported forecasting, system configuration and client adoption of inventory management software used by more than 2,400 organisations globally.

In the press release, Middlebank Consulting Group highlighted Hopkins’ work improving forecasting in multi-location networks, addressing product imbalances and expanding visibility across multiple countries for international distributors. He has also managed product planning in biotechnology environments facing constant supply constraints and led integration efforts during ERP transitions to make data more actionable for daily decisions. Hopkins additionally conducted a webinar series on recurring supply chain challenges across operating cycles while engaging clients on system usage and process alignment. The release indicated that his practical operational experience complements technical planning skills that are in high demand.

Mark Hopkins said in the statement, «I am pleased to be joining Middlebank Consulting Group. Much of my career has focused on how planning actually works in practice, and I look forward to continuing that work with clients, strengthening the link between data, planning decisions, and execution.» The release indicated that his practical operational experience complements technical planning skills that are in high demand.

Alan Win, founder and CEO of Middlebank Consulting Group, said in the statement, «Mark brings strong technical planning expertise alongside practical operational experience. That balance is increasingly important as organisations look to get more value from the planning systems and data they already have in place.» The company was founded in New Zealand in 1998 and has expanded to Australia, Singapore, India, the United States and recently the Middle East. It has accumulated more than 225 years of collective team experience and worked with over 150 clients, delivering an average 15 percent reduction in operational costs.

A Mordor Intelligence report estimated the Middle East management consulting services market at USD 8.99 billion for 2026, with expectations it will reach USD 11.08 billion by 2031 at a 4.28 percent compound annual growth rate. Operations consulting represented 26.82 percent of the market share in 2025 as firms pursued supply chain resilience, efficiency and compliance. Grand View Research placed the broader Middle East and Africa supply chain management market at USD 1.986 billion in 2024, forecasting expansion to USD 4.052 billion by 2030 with a 12.5 percent CAGR.

GCC countries are investing billions to develop logistics hubs capable of handling a significant share of global trade, with the region managing around 18 percent of worldwide flows valued at USD 4.3 trillion in 2023. Recent conflicts in the Middle East have driven supply chain volatility to a three-year high as of March 2026, according to consulting firm GEP. The addition of Hopkins is intended to help Middlebank Consulting Group address such challenges for its regional clients by focusing on sustainable changes in planning and execution.

VCM announced on May 13, 2026 a partnership with Lenovo and ClimeCo to enable sustainable operations at one of the technology company’s largest global manufacturing facilities under construction in Saudi Arabia. The collaboration will help address operational emissions through a structured approach to carbon credits and decarbonization, aligning with Lenovo’s broader climate targets and the Kingdom’s push to integrate sustainability into industrial expansion, according to a joint press release issued via Zawya.

The statement said VCM will deliver market infrastructure along with advisory services to build a carbon credit strategy that complies with international standards and best practices. ClimeCo, described as a long-standing carbon offset partner to Lenovo, will apply its decarbonization expertise to create a transparent and credible framework for the manufacturing site’s environmental performance. This effort seeks to connect Lenovo’s industrial growth with the generation of local environmental and economic benefits by directing carbon finance toward verified projects inside Saudi Arabia. The release positioned the arrangement as a practical demonstration of how global companies can participate in the Kingdom’s voluntary carbon market ecosystem.

Fadi Saadeh, CEO at VCM, said in the announcement, «This partnership demonstrates that industrial growth and climate leadership can advance together.» He noted that the project reinforces accelerating development of high-integrity carbon credit projects within Saudi Arabia, where tangible market demand exists for credits generated in the Kingdom that deliver measurable emissions reductions while creating local value. Saadeh added that building a robust domestic carbon ecosystem has remained central to VCM’s mission since its founding, with such partnerships linking international industry to locally produced carbon solutions.

Saeed Basweidan, director of the services and solutions group at Lenovo Saudi Arabia, stated that the company remains committed to responsible manufacturing and embedding sustainability throughout its value chain. «Through this partnership, we are reinforcing our commitment to a more sustainable future for all by helping industry expand in a more responsible way, while contributing to Saudi Arabia’s broader economic transformation and environmental ambitions,» Basweidan said in the release. The initiative supports Lenovo’s science-based net-zero emissions targets that have received validation from the Science Based Targets initiative.

Saudi Arabia aims to reduce carbon emissions by 278 million tonnes per annum by 2030 as it progresses toward net zero by 2060, according to targets outlined by the Saudi Green Initiative. A separate agreement reported last year by Arab News indicated that more than 30 million tonnes of high-integrity carbon credits are expected to be delivered by 2030 through collaboration involving VCM. These benchmarks illustrate the scale at which the voluntary carbon market is viewed as an instrument for balancing industrial development with climate objectives in the Kingdom.

William Flederbach Jr., president and CEO of ClimeCo, said in the statement, «In fast-growing industrial markets, delivering measurable emissions solutions is no longer optional.» The partnership establishes a concrete framework for emissions management at the scale of large manufacturing operations. ClimeCo’s role draws on its track record of developing customized decarbonization pathways for corporate clients worldwide.

Established in October 2022 by the Public Investment Fund with an 80 percent stake and Saudi Tadawul Group with 20 percent, VCM has conducted multiple large-scale carbon credit auctions since its launch. These have included the sale of 2.2 million tons in Nairobi in 2023 and over 2.5 million tons alongside the launch of the region’s largest carbon credits exchange in November 2024. The company also hosted the world’s first Global South Carbon Market Conference in Riyadh in 2023, according to its corporate timeline.

Lenovo reported global revenue of $69 billion in its most recent figures and ranks 196th on the Fortune Global 500 while operating in 180 markets. The Saudi manufacturing expansion forms part of the company’s strategy to strengthen its regional presence amid the Kingdom’s industrial diversification drive. The press release framed the agreement as reinforcing VCM’s position as the national platform that enables both domestic and international firms to integrate credible carbon market participation into their growth plans.

DAC Beachcroft will open its first office in the Middle East this summer in Dubai, the firm announced on May 7, 2026. Three partners are joining from Clyde & Co to establish the new branch in the Dubai International Financial Centre, where the practice will initially concentrate on insurance and healthcare work. The hires bring more than 40 years of combined experience in the region to what the firm described as a pivotal expansion.

Michael Morris, Mark Beswetherick and Michael Ducker will relocate to the new office from Clyde & Co, according to the announcement. Morris returns to DAC Beachcroft, where he began his legal career, after serving as litigation partner and Middle East head of insurance at his previous firm since relocating to the UAE in 2015, with a focus on commercial and professional liability claims. Beswetherick, who also previously worked at DAC Beachcroft, was head of Clyde & Co’s insurance and dispute resolution practice in Dubai and specialises in arbitration, international litigation and corporate investigations. Ducker served as co-head of Clyde & Co’s Middle East and Africa healthcare group, spanning both insurance and healthcare sectors.

Gustavo Blanco, head of international business at DAC Beachcroft, welcomed the team in the firm’s statement. «We are looking forward to welcoming Mike Morris and Mark back to DACB later this year and to have Mike Ducker joining us at what will be such a pivotal moment in our growth,» Blanco said. «They are an established, cohesive team with an exceptional reputation in the Middle East market. Their arrival will give us immediate scale and credibility in the region and create a powerful platform for further expansion.» With their deep sector knowledge and regional insight, the firm will be well placed to support clients’ most complex and high-value matters, he added.

The launch aligns with long-standing strategic priorities for the firm, managing partner Helen Faulkner stated. «Opening in the Middle East has long been a strategic priority for the firm,» Faulkner said. «Dubai is a gateway to the region and a global centre not only for insurance, but also for healthcare and our other advisory practices.» Clients can expect the same market-leading expertise, seamless cross-border capability and collaborative culture from the new base as they receive across the firm’s international network, she noted.

DAC Beachcroft has pursued rapid international growth in recent years. The firm opened in Miami in February following offices in New York and Los Angeles the prior year, according to its announcements. It established offices in Hong Kong and Lima in 2024 and associations with law firms in Australia and Ecuador in 2025, building on its core UK network of 11 offices and existing operations across Europe, Latin America and Asia-Pacific.

The timing coincides with strong expansion in DIFC’s insurance sector. DIFC Authority data places gross written premiums at 4.2 billion dollars in 2025, a 20 percent rise from the previous year and double the 2022 level. The authority authorised 28 new insurance and reinsurance firms during 2025 and the first quarter of 2026.

The office will be based in DIFC Square, a new development within the Dubai International Financial Centre that is home to other international law firms including Herbert Smith Freehills Kramer. Initial operations will target the insurance and healthcare sectors that have driven much of the hub’s recent growth in financial services.

The United Arab Emirates promulgated Federal Decree-Law No. 20 of 2025 to amend key provisions of Federal Decree-Law No. 32 of 2021 on commercial companies. President His Highness Sheikh Mohamed bin Zayed Al Nahyan issued the decree on October 1, 2025, and it entered into force on October 15, 2025. The revisions expand corporate flexibility, strengthen governance tools and clarify jurisdictional boundaries to support a modern business environment.

Companies may now transfer their domicile within the UAE between emirates, the mainland, free zones and financial free zones. This redomiciliation occurs with full continuity of the company’s legal personality, rights, obligations, contracts and licenses. The process avoids the need for dissolution, re-incorporation or complex asset transfers. Businesses can therefore optimize their regulatory and commercial setups with greater ease under the updated framework.

Limited liability companies can for the first time issue multiple classes of shares with differing economic, voting and other rights. These classes may vary in entitlements to dividends, liquidation preferences and redemption features. Contributions in kind toward capital are also permitted, subject to valuation according to standards issued by the Ministry of Economy in coordination with local authorities. The changes enable more sophisticated investment and ownership structures that align onshore rules with international norms.

The amendments establish a statutory basis for drag-along and tag-along rights that shareholders of limited liability companies and private joint stock companies may include in their constitutional documents. Clearer processes now exist for share succession upon events such as death, allowing surviving shareholders or the company to acquire shares based on agreed terms or expert valuation. Licensing authorities gain the power to appoint independent non-shareholder directors for up to one year to resolve deadlocks. These mechanisms reduce uncertainty and facilitate smoother transactions for private businesses and family-owned enterprises.

A comprehensive framework for non-profit companies has been introduced, requiring all revenues to be reinvested in line with stated objectives while prohibiting distributions to shareholders. The Cabinet will issue implementing regulations on governance, licensing and permissible activities for such entities. This structure provides a dedicated vehicle for social, cultural and charitable initiatives within the commercial companies legislation for the first time.

The decree extends the scope of the Commercial Companies Law to foreign entities maintaining a presence in the UAE and to free zone companies that conduct activities on the mainland. Branches and representative offices of free zone entities operating outside their zones must comply with the law in addition to free zone regulations. The clarification promotes consistency across jurisdictions while preserving specialized rules in centers such as the Abu Dhabi Global Market and Dubai International Financial Centre.

Sources:
— https://www.linkedin.com/feed/update/urn:li:activity:7405803730098696193/
— https://www.clearygottlieb.com/news-and-insights/publication-listing/uae-companies-law-update-2025
— https://www.reedsmith.com/articles/uae-commercial-companies-law-key-changes-and-what-they-mean-for-business/
— https://www.gtlaw.com/en/insights/2026/2/uae-commercial-companies-law-amendments-practical-corporate-structuring-and-manda-considerations