Abu Dhabi — Multiply Group PJSC’s subsidiary Emirates Driving Company PJSC has secured a 22.5 per cent shareholding in Mwasalat Holdings LLC, the Abu Dhabi-based transport operator, with an option to raise its stake to 50.6 per cent pending regulatory approval and other conditions.
The acquisition reflects Multiply Group’s push into the broader mobility sector beyond its legacy in driving education and training, positioning EDC as a strategic player in public transportation and smart-mobility services. Under the agreement, Mwasalat—already active in bus, taxi, school-transport and corporate-hire fleets—delivers over AED 650 million in revenues for fiscal year 2024.
EDC’s chief executive, Khaled Al Shemeili, described the deal as “a major milestone in EDC’s long-term growth strategy… reinforcing our position as a mobility champion,” and said that by joining forces with Mwasalat the companies will “deliver safer, more accessible and intelligent mobility solutions” via digital platforms and AI-driven multi-modal transport. Meanwhile, Mwasalat’s managing director, Omeir Al Mheiri, said the partnership “marks the next chapter in Mwasalat’s journey as a leader in integrated mobility.”
Market commentators note that this transaction—announced in July and formalised under the terms noted in public statements—arrives amid a wave of consolidation and technology-driven transformation in the UAE’s mobility segment. While EDC has historically focused on driver training, the partnership with Mwasalat allows it to step into bus and taxi operations, extend its service proposition and access new revenue streams linked to urban transport, fleet services and smart mobility platforms.
Analysts highlight that the option to increase to a majority stake of 50.6 per cent gives EDC a clear pathway to controlling influence, subject to regulatory clearances and contractual milestones. That control threshold opens scope for deeper integration of operations, data analytics, autonomous mobility pilots and platform services, aligning with the UAE’s national ambition to lead in technology-enabled urban transport.
From Mwasalat’s perspective, aligning with EDC and Multiply Group offers access to capital, technology, training expertise and a broader strategic vision. By leveraging EDC’s digital transformation initiatives – including AI testing environments and fleet electrification – Mwasalat seeks to elevate service delivery, operational efficiency and customer satisfaction across its existing fleet network.
The move also speaks to Multiply Group’s evolving investment strategy. Historically known for its consumer-digital and tech holdings, the group is now signalling a deeper pivot into mobility infrastructure and transport services, recognising the convergence of fleet operations, urban mobility and data-driven transit models. Its involvement in EDC and now indirectly in Mwasalat suggests a bid to capture growth in the region’s transport-ecosystem transformation.
Financially, while the precise transaction value has not been disclosed publicly, available filings show that Mwasalat posted more than AED 650 million in revenues in FY24 and is regarded as having built a strong reputation for reliability and innovation in the UAE’s urban mobility sector. The investment will be subject to certain conditions precedent and regulatory approvals, as noted by EDC in its statement.
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