The chief executive of Prince Alwaleed bin Talal's Kingdom Holding company, which plans to focus more on investing in the Saudi market in 2019, said the firm intends to remain an investor in rival US ride-hailing outfits Uber and Lyft.
“We are an investment house, we do not leave our investment, we actually make money out of it,” said Talal Ibrahim Al Maiman at the Bloomberg Invest event in Abu Dhabi on Wednesday, adding that there will be no conflict of interest.
“Uber is a much bigger player, much diversified … [while] Lyft is very much focused on the area of mobility and we believe in their management that is young and aggressive. There is always a place for more than one.”
Kingdom Holding is one of the investors in Dubai-headquartered ride-hailing firm Careem. Last month, Uber agreed to buy Careem for $3.1 billion (Dh11.39bn), and the Saudi Arabian company also owns a stake in California-based Lyft, which went public with an initial public offering last month.
Mr Al Maiman said "full firepower" is availble to deploy in the Saudi market in terms of fresh investments.
“2019 has been great a great year for us. We did the Careem deal, Lyft went public … we made huge returns. Now, somehow we have also invested in Uber through the [Careem] deal, it’s very exciting year. Full firepower is ready to be employed into the local market mainly,” said Mr Al Maiman, who added that the company will stay on the look out for potential foreign investment opportunities.
Kingdom Holding also sees investment opportunities in local Saudi family businesses and is upbeat over the government’s privatisation initiatives.
“The government is about to privatise some of the companies. Another bigger opportunity is in the family businesses – which really need institutionalisation, corporate governance and some kind of filters. We believe the kingdom will find the right opportunity within the family sector,” said Mr Al Maiman.
The company has also signed term sheets for a $1bn loan with two local banks and three international lenders.
Mr Al Maiman said that the company is now focusing up on balancing its investments from sectorial, geographical and industrial point of views.
“For example, we cannot just invest totally in the US and Saudi Arabia in finance, so we are trying to balance our portfolios with existing matured assets,” and through other means, he said.
Mr Al Maiman added that it is now time to focus more on Saudi market.
“We are really seeing a huge potential in Saudi Arabia, it’s a country we live in, where we operate from and the country that deserves much more from its investors to look at existing opportunities.”
Results
Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)
Men’s finals: 60kg - Amiran Papinashvili (GEO) bt Francisco Garrigos (ESP); 66kg - Vazha Margvelashvili (Geo) bt Yerlan Serikzhanov (KAZ)
KILLING OF QASSEM SULEIMANI
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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