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- Gulf Bank continues to attract young Kuwaiti talent and professionals
- Aayan Leasing and Investment acquires a strategic stake in DAWI app
- Government Measures Bring Down Inflation in Saudi Arabia to 2.2% in September
- IMG urges countries to keep trade as engine of growth
- KIPCO recognized by Forbes Middle East for continued sustainability excellence
- Aramco Chief Warns of Global Oil Shortage if Industry Fails to Invest
- Alec Holdings debuts on DFM in largest-ever construction sector IPO
- flynas launches first dedicated kids, family check-in service at Jeddah Airport
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07/07/2025 06:23 AST
The Abu Dhabi based taxi and fleet operator Mwasalat Holding has sold a sizable 22.5% stake to Emirates Driving Company.
Mwasalat generated over Dh650 million in revenues in 2024, and apart from public buses and taxis, it operates school transport and corporate hire vehicles.
Emirates Driving Company, part of ADX-listed Multiply Group, also has an option to increase its shareholding in Mwasalat to 50.6%, subject to 'completion of certain conditions and relevant regulatory approvals'.
"This strategic investment marks a major milestone in EDC's long-term growth strategy - reinforcing its position as a mobility champion," said a statement.
The deal will create 'significant' operational synergies and pave the way for 'greater profitability'.
The acquisition, once completed, will set EDC and Mwasalat for collaboration in bus and taxi operations.
"Our goal is to deliver safer, more accessible and intelligent mobility solutions that meet the evolving needs of communities across the UAE," said Khaled Al Shemeili, CEO of Emirates Driving Company.
The deal comes at a time of generational changes in the UAE mobility space, with robo-taxis and air-taxi services on their way. Currently, Dubai and Abu Dhabi are trialing such add-ons to an already comprehensive list of transport services.
Gulfnews
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TALABAT | 1.04 | 0.01 (0.97 |
| AMR | 2.00 | -0.02 (-1.00 |
| ADAVIATION | 5.56 | -0.05 (-0.90 |
| ADNH | 0.44 | 0.00 (0.00 |
| NCTH | 1.90 | 0.01 (0.52 |
17/10/2025
As part of its ongoing support for youth and its continuous efforts to attract the best national talents and professionals, Gulf Bank concluded its participation and sponsorship of the "My Job" caree
Kuwait Times
17/10/2025
Aayan Leasing and Investment Company has announced that one of its subsidiaries has acquired a strategic stake in Fresh Minds, the owner of the "Dawi" application - a leading digital healthcare platf
Kuwait Times
17/10/2025
KIPCO - Kuwait Projects Company (Holding) - was recognized by Forbes Middle East for the third consecutive year for its continued commitment to advancing sustainability and governance practices acros
Kuwait Times
17/10/2025
The head of Saudi Aramco, Amin Nasser, has warned of a global oil shortage on the horizon, after a decade in which the energy industry turned its back on the search for new oil.
Nasser calle
Asharq Al Awsat
17/10/2025
Alec Holdings, a diversified engineering and construction group in UAE, has announced its listing on Dubai Financial Market, thus marking UAE's largest-ever initial public offering in the constructio
Trade Arabia
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