In May, Emirates Transport struck a deal with NEV Investment to bring in vehicles fitted out with new energy drivetrains. Pictured here are officials of Emirates Transport and NEV Investment. Image Credit: Supplied

Dubai: Emirates Transport, the UAE’s biggest school transport firm, is selling an 80 per cent stake in its transportation tech subsidiary, Emirates Transport Technology Solutions, to NEV Investment, a Chinese-led ‘new energy vehicle’ company in the UAE.

The transaction comes as part of a MoU between the two in May to establish a JV for the development, construction, marketing, operation, and management of New Energy Vehicle (NEV) projects in the UAE. ETTS provides IT end-to-end solutions to customers across industries, and in particular the transport sector. ETTS’ business lines also extend to 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.

NEV Investment aims to establish the new energy vehicle ecosystem in the UAE and the region by introducing such models and infrastructure facilities. 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.”