Mobility fintech Moove raises $30mln from debut sukuk for UAE expansion

Mobility fintech Moove raises $30mln from debut sukuk for UAE expansion

- The financing is a major milestone for Moove, which is building the largest EV ride-hailing fleet in the MENA region starting with the UAE

- In 2022, Moove scaled to 13 markets across nine countries and is the world’s leading mobility fintech providing sustainable economic opportunities and democratizing access to vehicle financing for mobility gig workers globally

Dubai: Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is raising $30 million from a debut sukuk issuance arranged by Franklin Templeton Investments (ME) Ltd. in its mission to build the largest EV ride-hailing fleet in the MENA region.

The successful completion of this debut sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments and will undoubtedly open up further avenues for the financing of Moove's ambitious expansion plans.

The issuance of the Shari'ah compliant notes or "sukuk" has been privately placed and structured as a sukuk al- istisna, a Shari'ah compliant contract for the order to manufacture EVs. Building on its successes, this financing is a milestone for Moove and testament to the strength of its business model and growth potential.

Ladi Delano, co-founder and co-CEO of