UAE’s Multiply Group to target high growth sectors

Abu Dhabi investment company Multiply Group aims to target sectors that will provide double-digit growth, according to its chief executive, The National reported on October 29th.

Chief executive Samia Bouazza told The National that the company will focus on promoting the UAE’s food security agenda. 

Bouazza said: “If we follow where governments and big corporates are spending money, these two sectors are the foundation of our economy today and of our societies today.”

The news comes after the company announced that its subsidiary, Emirates Driving Company (EDC), has acquired a 22.5% cent stake in the transport company group, Mwasalat Holdings.

Founded in Abu Dhabi, Mwasalat produced over AED 650 million (£132 million) in revenues last year and runs over 1,000 public and private buses, 2,500 taxis and 5,500 rental vehicles in the UAE.

The agreement comes after a series of developments within Multiply Group. Abu Dhabi’s IHC (International Holding Company) announced plans to merge three of its companies, 2PointZero, Multiply Group, and Ghitha Holding, into one of Abu Dhabi’s biggest investment companies named 2PointZero Group PJSC (2PointZero).

The National reported that Ghitha Holding, operates food production and distribution operations and the merger would allow Multiply Group to make an effective use of the food sector. 

Meanwhile, Multiply Group has invested widely in AI. Bouazza said to The National: “We knew we needed to embrace AI … part of the growth came as a result of applying a lot of AI tools and mobility … we are investing in AI talent – data scientists, data analysts and AI tools.”

Bouazza also spoke of the rise of data centres in the UAE, which creates more opportunities for energy investments. According to a Research and Markets report, the UAE’s data centre market is predicted to exceed a value of $3.3 billion (£2.5 billion) by 2030 due to a rise in AI use. 

The National, Maghrebi.org