A unit of Saudi Arabia's Almarai, the Middle East's largest dairy company, completed the acquisition of International Dairy and Juice Limited, its former joint venture with PepsiCo in Egypt and Jordan.
Almarai Investment Holding bought PepsiCo's 48 per cent share in IDJ, increasing Almarai's stake in the company to 100 per cent ownership from 52 per cent previously, in a deal worth 255 million Saudi riyals ($68 million), it said in a filing to the Tadawul stock exchange on Sunday.
“The full ownership of IDJ will allow Almarai to further expand strategically in the wider region,” the company said.
The purchase is funded from Almarai’s internal cash flows, the company said.
IDJ was a joint venture between Almarai and PepsiCo before the deal. It specialises in food and beverage manufacturing and distribution in Egypt and Jordan. The company also exports its products to other markets.
Last month, Almarai reported a 24 per cent rise in fourth-quarter net profit, boosted by higher sales in its poultry and bakery businesses.
Consolidated profit attributable to shareholders for the three-month period ending December 31 climbed to 355.8 million Saudi riyals from the same period in 2021.
Dairy and juice sales jumped 5.8 per cent, but income from the business was offset by “cost inflation, mainly in dairy and feed commodities”, it said.
“The key risk remains surging cost inflation for dairy and feed commodities. We continue to see parts of global supply chain remaining under stress, although some areas are now showing signs of stability,” the company said.
The Middle East and North Africa region's food and beverage companies are increasingly evaluating acquisitions to drive growth, diversify their product range and expand their footprint to better deal with challenges that arose from the Covid-19 pandemic.
Almarai's investment is in line with Saudi Arabia’s aim of boosting its food security, with the help of the private sector.
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
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