ET sells 80% stake in its subsidiary – GulfToday

ET sells 80% stake in its subsidiary – GulfToday

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