Abu dhabi: Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company, announced today that its subsidiary, Emirates Driving Company (ADX: DRIVE), has formally closed a transaction to acquire a 22.5% stake in Mwasalat Holdings, with an option to increase its shareholding to 50.6%. This strategic investment aligns with EDC’s long-term growth strategy, reinforcing its position as a mobility leader aiming to accelerate innovation and expand its role in providing seamless, safe, and sustainable transport across the UAE and the wider region.
According to Emirates News Agency, Samia Bouazza, Group CEO and Managing Director of Multiply Group, commented on the transaction, stating that the acquisition transforms EDC from a driving education provider into a fully integrated mobility player. This evolution positions the company to remain relevant in a rapidly changing mobility landscape, ensuring long-term growth and resilience.
Khaled Al Shemeili, CEO of Emirates Driving Company, emphasized that the investment in Mwasalat signifies confidence in the UAE’s mobility sector, which is primed for further growth. He highlighted EDC’s commitment to shaping the future of transportation by combining advanced technologies with operational excellence to deliver safer, more accessible, and intelligent mobility solutions.
Omeir Al Mheiri, Managing Director at Mwasalat Holding, expressed that the partnership with Emirates Driving Company marks an exciting new chapter for Mwasalat and the wider UAE transport sector. The collaboration provides opportunities to drive synergies that will advance smart mobility, sustainability, digital transformation, and public service excellence.
Founded and headquartered in Abu Dhabi, Mwasalat generated over AED 650 million in revenues in FY24 and manages a diverse fleet that includes over 1,000 public and private buses, 2,500 taxis, and 5,500 rental vehicles in the UAE. With a workforce of over 5,000 employees, it operates a unified transport network supporting communities and businesses across the country.
The acquisition by EDC lays the foundation for a new mobility powerhouse in the region, integrating innovation, advanced technology, and artificial intelligence across its operations. Mwasalat Holdings continues to play a vital role in shaping and advancing the mobility landscape across the UAE, driven by operational excellence and strategic vision.
Through integrated services and a steadfast 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 follows a series of recent acquisitions, investments, and platform-building activities by Multiply Group, which will continue to evaluate strategic opportunities to enhance shareholder value.