Manara Minerals Investment Company, a joint venture between Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund has signed a binding agreement to acquire a 10 per cent stake in Brazil's base metals company Vale as the company continues to pursue global mining investments.
The company is buying the stake in Vale, which has projects in Canada, Brazil and Indonesia, based on an enterprise value of $26 billion, Ma’aden said on Sunday in a statement to Saudi Arabia’s Tadawul stock exchange, where its shares are traded.
“Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition,” the company said.
“The acquisition furthers Ma’aden’s strategy of increasing the supply of strategic minerals and enabling Saudi Arabia to play a growing role in the global energy transition supply chains.”
The deal, which is subject to regulatory approvals and other conditions, is expected to be completed in the first quarter of 2024.
Ma’aden, which operates several extraction sites and mines in Saudi Arabia to produce gold, copper, iron ore and strategic minerals, has a 51 per cent stake in Manara, while the PIF holds a 49 per cent interest.
Mining is a key component of Saudi Arabia’s Vision 2030 plan, which aims to reduce the country's dependence on oil and gas revenue. The kingdom, Opec’s top oil exporter, aims to more than triple the mining sector’s contribution to the nation’s economic output by 2030.
One of the world’s largest sovereign wealth funds, the PIF, which is at the heart of Riyadh’s economic diversification efforts, is a major driver of the domestic economy. It holds stakes in some of the kingdom’s biggest conglomerates and financial institutions.
Under a five-year strategy announced in 2021, the PIF aims to more than double the value of its assets under management to $1.07 trillion and commit $40 billion annually to develop Saudi Arabia's economy until 2025.
Globally, it holds stakes in public and private companies including Meta and Alphabet. The fund has set up more than 30 new companies and tripled its assets in the past few years.
The latest transaction will be financed through Ma’aden's own resources and any financial impact of the acquisition is expected to be reflected in the first half of 2024, according to the company.
Last month, Ma’aden said it would be increasing its share capital by 12.3 billion Saudi riyals ($3.2 billion) to strengthen its capital base to boost growth.
In May, it also signed an agreement with Vancouver's Ivanhoe Electric to purchase a 9.9 per cent stake in the company for $126.5 million.
'Cheb%20Khaled'
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
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
if you go
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
RIDE%20ON
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
