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Yesterday, it signed a preliminary agreement to buy 16.3 million shares in the Turkish poultry producer Banvit Bandirma Vitaminli Yem Sanayii.The Istanbul-listed company said its shareholder Valid Faruk Ebubekirwas selling the shares to Aabar.
The shares are to be sold at 4.8 Turkish lira each after certain conditions in the agreement are met, Banvit said in a statement to the Istanbul Stock Exchange after the market closed on Friday.
For the company, Turkey's largest poultry producer, Aabar is an important investor.
In May, Aabar, which is owned by the International Petroleum Investment Company, became the largest "cornerstone investor" in the commodity trading giant Glencore.
Large investors such as Aabar are given priority over small investors in initial public offerings but usually have to agree to buy shares at the top of the price range.
Aabar invested US$1 billion in Glencore's flotation. Having a big player such as Aabar behind it bodes well for the Turkish company. On the Istanbul exchange, shares in Banvit climbed 4.3 per cent yesterday to 4.59 lira, the highest level in almost a month.
Gokhan Canitez, an analyst who covers the stock at Tera Stock Brokers in Istanbul, said the sale of the shares had been a lengthy process, taking several months and dragging Banvit's stock price down.
"Now we have confirmation and it has been complete, it is lifting pressure off the stock price," said Mr Canitez.
He has a neutral rating on the stock and a target price of 6.30 lira a share. The valuation of the stake sale was close to his forecast of 4.5 liras per share, added Mr Canitez.
Turkey's economic and political environment is encouraging Banvit's success. The government has increased the tax for companies importing meat, from 60 per cent to 75 per cent, curbing demand for meat imports but focusing attention on local producers, notably Banvit.
"We've been expecting this since the third quarter of last year, but it is one of the main points of good news for the company," he said.
fhalime@thenational.ae
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Zayed Sustainability Prize
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The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
