Multiply Group, the investment holding firm based in Abu Dhabi that invests in and operates businesses on a global scale, announced that its subsidiary, Emirates Driving Company (ADX: DRIVE), has officially completed a transaction to acquire a 22.5 percent stake in Mwasalat Holdings, with the option to increase its shareholding to 50.6 percent.
This strategic investment underscores EDC’s long-term growth strategy—reinforcing its status as a mobility champion dedicated to accelerating innovation and expanding its role in delivering seamless, safe, and sustainable transport throughout the UAE and the broader regio, according to a statement.
In discussing the transaction, Samia Bouazza, group CEO and managing director of Multiply Group, stated: “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.”
Supporting communities through unified transport
Khaled Al Shemeili, CEO of Emirates Driving Company, remarked: “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. 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. We are especially looking forward to new horizons of opportunities in smart mobility together with Mwasalat.”
Omeir Al Mheiri, managing director at Mwasalat Holding, added: “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. We will be presented with possibilities to enhance service delivery, operational efficiency, and enrich customer experience—contributing to a more connected, innovative, and sustainable future for the benefit of the UAE and its communities.”
Founded and headquartered in Abu Dhabi, Mwasalat generated over AED 650 million in revenues in FY24 and manages a diverse fleet comprising more than 1,000 public and private buses, over 2,500 taxis, and more than 5,500 rental vehicles in the UAE. With a workforce exceeding 5,000 employees, it operates a unified transport network that supports communities and businesses across the country.
Commitment to sustainable transport infrastructure
The company has established a solid reputation for safety, innovation, and reliability, providing accessible and efficient transport solutions that play a crucial role in urban mobility across the Emirates.
With this acquisition, EDC lays the groundwork for a new mobility powerhouse in the region, one that leads the market by seamlessly integrating innovation, advanced technology, and artificial intelligence across every aspect of its operations. Driven by operational excellence and strategic vision, Mwasalat Holdings continues to play a pivotal role in shaping and advancing the mobility landscape throughout the UAE.
Through its integrated services and unwavering commitment to quality, the group supports national efforts to build a seamless, efficient, and sustainable transport infrastructure, aligned with EDC’s vision for future-ready mobility.
This move closely follows a series of recent acquisitions, investments,and platform-building activities by Multiply Group. The Group and its subsidiaries will persist in evaluating strategic opportunities and investments across its verticals that will enhance shareholder value.
Source: economymiddleeast