Ajman Bank Partners with Emirates Driving Company on Mwasalat Holdings Financing Deal

Ajman Bank, one of the UAE’s leading Shariah-compliant financial institutions, recently signed a pivotal Memorandum of Understanding (MoU).

Notably, the agreement involves Emirates Driving Company (EDC) (ADX: DRIVE), a subsidiary of Multiply Group PJSC. Specifically, Ajman Bank will finance a significant portion of EDC’s acquisition. Consequently, the deal targets a 22.5% stake in Mwasalat Holdings L.L.C.. Moreover, EDC maintains the option to increase its shareholding to 50.6% further.​

In essence, this partnership represents a transformative milestone for EDC’s strategic expansion plans. Furthermore, the collaboration underscores Ajman Bank’s unwavering commitment to supporting impactful national initiatives. Both institutions share a dedication to driving innovation across sectors, enhancing financial inclusion, & contributing meaningfully to the UAE’s sustainable economic development.​

Importantly, the MoU signing occurred during GITEX Global 2025, the region’s foremost technology & innovation exhibition. Therefore, this high-profile announcement reinforces both organisations’ commitment to digital transformation & strategic partnerships. In addition, the timing proves particularly significant given GITEX’s prominence as a platform for progress & innovation across the Gulf region.​

Under the comprehensive partnership framework, Ajman Bank will deliver multifaceted financial solutions. Accordingly, the bank will provide essential acquisition financing for the Mwasalat transaction. Additionally, Ajman Bank will offer sophisticated cash management services tailored specifically to EDC’s operational requirements. Furthermore, risk management solutions, treasury services, & advanced transaction banking capabilities form integral components of this package.​

Regarding executive perspectives, Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, expressed his viewpoint on this collaboration. Notably, he emphasised that formalising this partnership during GITEX reflects significant strategic importance. In addition, he noted that this agreement reinforces Ajman Bank’s commitment to financing transformative national projects. Notably, the bank continues to provide comprehensive end-to-end financial solutions across multiple segments. Indeed, these segments encompass corporate, treasury, & retail banking divisions.​

Turning to EDC’s strategic evolution, the acquisition fundamentally transforms its business model & market positioning. Previously, the company focused exclusively on driving education, yet EDC now expands into the broader mobility sector. Consequently, this strategic evolution positions EDC as an integrated mobility champion within the UAE. Notably, EDC boasts an impressive 25-year market legacy in driving education.​

As for leadership insights, Khaled Al Shemeili, Chief Executive Officer of Emirates Driving Company, articulated this strategic rationale. Specifically, he noted that signing this partnership at GITEX highlights a genuine focus on innovation. Moreover, he emphasised EDC’s commitment to strategic partnerships supporting growth ambitions. Crucially, Ajman Bank’s financial support proves instrumental for enabling the Mwasalat acquisition. Furthermore, this collaboration significantly enhances EDC’s operational excellence.​

From a synergy perspective, the Mwasalat acquisition unlocks substantial operational synergies between both organisations. As a result, these synergies create pathways toward greater profitability & long-term value creation. In particular, combined capabilities enable seamless integration of advanced technology & artificial intelligence across all operations. Moreover, both entities share a commitment to delivering seamless, safe, & sustainable transport solutions.​

Concerning Mwasalat’s background, the holding operates as a leading mobility services provider headquartered in Abu Dhabi. Specifically, the company generated revenues exceeding AED 650 million during fiscal year 2024. Notably, Mwasalat manages an extensive, diverse fleet across the UAE. Particularly, this fleet comprises over 1,000 public & private buses, 2,500+ taxis, & 5,500+ rental vehicles. Additionally, the company employs over 5,000 dedicated professionals nationwide.​

Regarding stakeholder perspectives, Omeir Al Mheiri, Managing Director of Mwasalat Holding, offered critical insight on this partnership. Notably, he described this collaboration as marking an exciting new chapter for Mwasalat & the wider UAE transport sector. Furthermore, he highlighted unique opportunities to drive meaningful synergies. In particular, these synergies advance innovative mobility initiatives, sustainability efforts, digital transformation, & public service excellence.​

Looking ahead, the combined entity positions itself advantageously for future growth within the UAE’s evolving mobility landscape. Importantly, collaboration between both institutions supports the nation’s ambitious vision for innovative, technology-driven urban mobility. Additionally, they advance autonomous solutions & develop integrated transport infrastructure. Notably, this positioning aligns perfectly with the UAE’s long-term strategic mobility objectives.​

Regarding Ajman Bank’s background, the institution was established in 2007 and holds the distinction of being the first Islamic bank incorporated in the Ajman Emirate. Specifically, the bank officially commenced operations in 2009. Importantly, Ajman Bank has been listed on the Dubai Financial Market since 2008 and enjoys strong support from the Government of Ajman. Moreover, the government maintains a 25% stake, underscoring strategic importance.​

Concerning service offerings, the bank offers comprehensive Shariah-compliant banking, financing, & investment services. Notably, services span multiple segments, serving individuals, businesses, & government entities. In addition, operations span Consumer Banking, Corporate Banking, Investment Banking, & Treasury divisions. Furthermore, Ajman Bank distinguishes itself through pioneering digital solutions & commitment to Islamic finance principles.​

Regarding financial performance, Ajman Bank generated net profits after tax totalling AED 245.09 million during H1 2025. Consequently, this compared favourably to AED 215.56 million recorded during the corresponding H1 2024 period. Notably, such financial performance demonstrates resilience & growth trajectory.​

Turning to the broader industry context, EDC’s evolution from a driving education provider into an integrated mobility player reflects broader industry transformation. Specifically, this strategic pivot aligns with emerging technology trends & changing consumer mobility preferences. Notably, the mobility sector increasingly emphasises digital innovation, sustainability, & seamless multi-modal transport solutions.​

Finally, both Ajman Bank & EDC strengthen their market positions through this collaboration. Notably, the partnership demonstrates confidence in the UAE’s prospects in the mobility sector and its economic resilience. Meanwhile, it reflects a commitment to responsible, innovative financial solutions supporting national development objectives.

Source: Zawya Press Release (November 4, 2025); Multiply Group Official Announcement (October 19, 2025); Arabian Business; Al-Etihad News

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