ET sells 80% stake in its subsidiary

Emirates Transport (ET) – the largest school transport provider in the UAE – announced on Monday that it has agreed to sell an 80% stake in its transport technology subsidiary, Emirates Transport Technology Solutions (ETTS), to NEV Investment, a Chinese-led New Energy Vehicle company in the UAE.

The transaction is a by-product of a Memorandum of Understanding (MoU) that was signed between Emirates Transport and NEV Investment in May 2022 to establish a joint venture for the development, construction, marketing, operation, and management of New Energy Vehicle (NEV) projects in the UAE. ETTS provides information technology end-to-end solutions to customers across various industries, and in particular the transport sector. ETTS’ different business lines include consultancy, installation and commissioning of telecommunication, surveillance and electronic management systems, in addition to the wholesale trading of electronic transport systems.

The agreement was signed by Faryal Tawakul, Acting CEO of Emirates Transport, and Mohammed Saeed Al Marzouki, CEO of NEV Investment, during an official signing ceremony held at the Museum of the Future Auditorium on October 17th, 2022.

NEV Investment aims to establish the New Energy Vehicle ecosystem in the UAE and the MENA region by introducing leading Chinese New Energy Vehicles and infrastructure facilities such as charging stations. It is a core project that was introduced by Hala China earlier this year – having identified and targeted New Energy as a key economic driver segment.

Sheikh Majid Al Mualla, Chairman of Hala China, said: “NEV Investment is the culmination of the practicality and effort of the Hala China platform as well as the ingenuity and creativity of the Emirati youth. I am confident that the acquisition will accelerate the project trajectory and create a significant increase in employment opportunities across the field – ultimately contributing to the UAE National Strategy.”