Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company, has announced that its subsidiary, Emirates Driving Company (ADX: DRIVE), has successfully completed a transaction to acquire a 22.5% stake in Mwasalat Holdings, with the option to increase its shareholding to 50.6%.
This strategic move is in line with Emirates Driving Company’s long-term growth strategy, reinforcing its position as a leader in the mobility sector. The investment aims to accelerate innovation and expand its role in delivering safe, sustainable, and seamless transportation across the UAE and beyond.
Key Highlights of the Investment:
- Emirates Driving Company (EDC) will now hold a 22.5% stake in Mwasalat Holdings, with the potential to increase this stake to 50.6%.
- The partnership underscores EDC’s ambition to transition from a driving education provider into a fully integrated mobility player, focused on the future of transportation.
- Mwasalat has a diverse fleet that includes 1,000+ public and private buses, 2,500+ taxis, and 5,500+ rental vehicles across the UAE.
Leadership Remarks:
- Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “This acquisition strengthens EDC’s position as a mobility leader and aligns with our growth strategy, positioning the company for long-term resilience in the evolving transport landscape.”
- Khaled Al Shemeili, CEO of Emirates Driving Company, added: “This strategic investment signals confidence in the UAE’s mobility sector. By combining advanced technologies with operational excellence, we aim to shape the future of transport and meet the changing needs of communities.”
- Omeir Al Mheiri, Managing Director at Mwasalat Holding, commented: “This partnership marks an exciting new chapter for Mwasalat and the broader UAE transport sector, enabling synergies that will drive smart mobility, sustainability, and enhanced public service delivery.”
Mwasalat’s Market Reach and Operations:
- Mwasalat Holding generated over AED 650 million in revenues in FY24.
- It manages a fleet that includes 1,000+ buses, 2,500+ taxis, and 5,500+ rental vehicles.
- The company operates a unified transport network that serves both urban and rural areas, supporting the country’s mobility needs.
A Vision for the Future of Mobility:
This acquisition positions Emirates Driving Company and Mwasalat as key players in smart mobility and digital transformation, integrating cutting-edge technology like AI into their operations to enhance service delivery and operational efficiency.
The partnership aligns with the UAE’s vision to build a seamless, efficient, and sustainable transport infrastructure, while also contributing to the country’s broader economic goals.
The move follows a series of strategic investments by Multiply Group, which is focused on identifying opportunities that add value to its portfolio and enhance shareholder returns.
