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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
21/10/2025
Emirates Driving Company (EDC), a subsidiary of Multiply Group, has taken a significant step toward expanding its footprint in the UAE's mobility sector by acquiring a 22.5% stake in Mwasalat Holding
Khaleej Times
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TALABAT | 0.91 | -0.01 (-1.09 |
| AMR | 1.76 | -0.01 (-0.57 |
| ADAVIATION | 5.32 | 0.00 (0.00 |
| ADNH | 0.43 | 0.00 (0.00 |
| ALG | 1,123.00 | 7.00 (0.62 |
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Saudi Arabia