Multiply Group's Emirates Driving Company Acquires Stake In Mwasalat Holding To Enhance Mobility Solutions

Multiply Group, listed on the Abu Dhabi Securities Exchange as MULTIPLY, has announced a significant development involving its subsidiary, Emirates Driving Company (EDC). EDC has completed the acquisition of a 22.5% stake in Mwasalat Holdings. This move includes an option to increase its stake to 50.6%, aligning with EDC's strategy to enhance its role in providing innovative and sustainable transport solutions across the UAE.

Founded in Abu Dhabi, Mwasalat Holdings is a key player in the UAE transport sector. It generated over AED 650 million in revenues for FY24. The company operates a diverse fleet that includes more than 1,000 buses, over 2,500 taxis, and upwards of 5,500 rental vehicles. With a workforce exceeding 5,000 employees, Mwasalat supports both communities and businesses throughout the nation.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented on this acquisition: "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. This evolution ensures the company remains relevant in a fast-changing mobility landscape and well-positioned to deliver long-term growth and resilience."

Khaled Al Shemeili, CEO of Emirates Driving Company, expressed optimism about the investment's impact on the UAE’s mobility sector. He stated that it demonstrates confidence in the industry's potential for growth. Al Shemeili emphasized EDC's dedication to advancing transportation by integrating advanced technologies with operational excellence.

Omeir Al Mheiri, Managing Director at Mwasalat Holding, highlighted the partnership's significance: "Our partnership with Emirates Driving Company marks an exciting new chapter for Mwasalat and the wider UAE transport sector. This partnership provides us with a unique opportunity to drive synergies in ways that will advance smart mobility, sustainability, digital transformation and public service excellence."

The collaboration between EDC and Mwasalat aims to enhance service delivery and operational efficiency while enriching customer experiences. It is expected to contribute significantly to creating a more connected and sustainable future for UAE communities.

Future-Ready Mobility Vision

Mwasalat Holdings plays an essential role in shaping the UAE's mobility landscape through its commitment to quality services. The company's integrated approach supports national efforts to develop efficient transport infrastructure aligned with EDC’s vision for future-ready mobility.

This acquisition by EDC establishes a foundation for becoming a leading force in regional mobility. By integrating innovation and advanced technology into operations, EDC aims to lead market advancements while maintaining safety and reliability standards.

The move follows several recent acquisitions by Multiply Group aimed at enhancing shareholder value through strategic investments across various sectors.

With inputs from WAM