Emirates Driving Company acquires 22.5% stake in Mwasalat
Abu Dhabi-based Multiply Group, which is an investment holding company, announced on October 20th that its subsidiary, Emirates Driving Company (EDC), has acquired a 22.5% cent stake in the transport company group, Mwasalat Holdings, with the prospect to heighten its shareholding to 50.6%, according to a Multiply Group news article.
The agreement sees EDC expanding its role in delivering sustainable transport within the UAE.
“This acquisition further strengthens and transforms EDC from a driving education provider into a fully integrated mobility player — one that is agile, innovative, and aligned with the future of transport,” said Multiply Group chief executive and managing director Samia Bouazza.
Bouazza added: “This evolution ensures the company remains relevant in a fast-changing mobility landscape and well-positioned to deliver long-term growth and resilience.”
Emirates Driving Company chief executive Khaled Al Shemeili said: “The investment in Mwasalat sends a strong signal of confidence about the UAE’s mobility sector and how the industry is primed for further growth.”
Shemeili also said: “Equally, it reflects EDC’s commitment to shaping the future of transportation by combining advanced technologies with operational excellence, and building on our mission to deliver safer, more accessible and intelligent mobility solutions that meet the evolving needs of communities across the nation.”
Mwasalat, which was founded in Abu Dhabi, with its HQ also being located there, produced more than AED 650 million (£132 million) in revenues last year and manages over 1,000 public and private buses, 2,500 taxis and 5,500 rental vehicles in the UAE.
The agreement follows 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).
Meanwhile, the UAE’s national railway network operator Etihad Rail signed a memorandum of understanding (MoU) with United Trans and Via to incorporate Etihad Rail services within the Citymapper transport app.
United Trans and Via have previously worked together to power on-demand public transportation services in Dubai, Abu Dhabi and Ajman.
Multiply Group, Maghrebi.org
Want to chase the pulse of North Africa?
Subscribe to receive our FREE weekly PDF magazine
