Emirates Transport and China's NEV Investment establish a joint venture

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Published: Sat 28 May 2022, 9:00 AM

Emirates Transport and NEV Investment signed a Memorandum of Understanding (MoU) on May 24 at the Abu Dhabi National Exhibition Centre, during the Electric Vehicle Innovation Summit (EVIS), to officially establish a joint venture for the development, construction, marketing, operation, and management of the New Energy Vehicle (NEV) Project in the UAE.

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The joint venture is a product byway of the acceleration of the New Energy Vehicles Project in the UAE, which has four key components: investment, infrastructure, R&D, and manufacturing. The project, which was initiated to pave the way to produce electric vehicles in the UAE, is in alignment with the Make it in the Emirates drive and Operation 300bn. Emirates Transport and NEV Investment have jointly attended EVIS as an exhibitor, with Henrey Mini Tiger as the key NEV debuted at EVIS. EVIS is the launch pad for NEV Investment and potential Chinese New Energy Vehicles to be introduced to the UAE.

Henrey Mini Tiger and NEV Investment have also signed a collaboration agreement during the signing ceremony on the 24, following the Emirates Transport and NEV Investment MoU signing.

Faryal Tawakul, acting CEO at Emirates Transport, said: “Emirates Transport has been a leader in the transport industry in the UAE for over four decades and as an industry leader it’s fitting that we are now at the forefront of this new dawn of electric vehicles. We are proud to share this journey with our partners from the private and public sectors and we look forward to playing a vital role in ensuring the UAE is again a leading light, both regionally and at the international level, when it comes to new technology."

Leo Liu, chairman at NEV Investment, expressed his delight at the official premiere of Chinese NEV at EVIS and the event on a whole. He said: “As the UAE continues to make significant progress towards becoming a global leader in the renewable energy sector, we are delighted to be a key player in creating future industries by leveraging existing Chinese NEV technologies and introducing them to the local as well as regional markets, jointly with Emirates Transport.”

Emirates Transport is a public joint stock company established in 1981 and now operates under the umbrella of the Emirates Investment Authority. Having made its name in the field of school transport initially, ET has achieved significant investment growth and service diversification. Today, the company can offer its customers an array of services including transport, vehicle leasing, auto maintenance, and logistics and modification of cars to dual fuel systems using CNG.

NEV Investment is a New Energy Vehicle investment company among strategic international investors and stakeholders in the UAE, aiming to establish a comprehensive NEV ecosystem in the UAE and MENA region, through the introduction of Chinese NEVs including trading, R&D, infrastructure, and manufacturing.

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