Emirates Transport and China’s NEV Investment Establish a Joint Venture

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On May 24th 2022, during the Electric Vehicle Innovation Summit (EVIS), Emirates Transport and NEV Investment have signed a Memorandum of Understanding (MoU) at the Abu Dhabi National Exhibition Center to officially establish a Joint Venture for the development, construction, marketing, operation, and management of the New Energy Vehicle Project in the UAE.

The Joint Venture is a product byway of the acceleration of the New Energy Vehicles Project in the UAE, which has four key components: trading, infrastructure, research, and development, as well as manufacturing.

The project was initiated to pave the way to produce electrics in the UAE. The project is in alignment with the Make it in the Emirates drive and Operation 300bn, the UAE’s industrial strategy aiming to increase the contribution of the manufacturing industry to the economic output of the country, while also being expected to create employment opportunities and provide a strong boost to local SMEs.

Emirates Transport and NEV Investment have jointly attended the Electric Vehicle Innovation Summit (EVIS) as an exhibitor, with BYD Han (TBC) and Henrey Mini Tiger as the key New Energy Vehicles for the debut of Chinese New Energy Vehicles to the UAE.

During the event, Emirates Transport, along with NEV Investment networked across the value chains and exploited new opportunities at the intersection of EV technologies with influential EV-related institutions, companies, and government officials from around the world at the EVIS booth. Discussions surrounding not only New Energy Vehicles but also NEV Infrastructure components such as fast charging stations, aftersales service and spare parts logistics centers establishment, IoT, electrical cables, and more were actualized.

EVIS is the launchpad for NEV Investment and potential Chinese New Energy Vehicles which can be introduced to the UAE. The UAE’s NEV Future is optimistic, and this is the first step to a long-term sustainable partnership between the UAE and China as the two countries have a shared goal in raising NEV Industrial innovation.

Emirates Transport is a public joint stock company established in 1981 and now operates under the umbrella of the Emirates Investment Authority.

Despite making its name in the field of school transport, ET achieved significant investment growth and service diversification over its 40-year history. Today, the company can offer its customers, both establishments and individuals, an array of services including, but not limited to transport, vehicle leasing and auto maintenance.

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

Faryal Tawakul, Acting CEO of Emirates Transport, stated that the company was proud to be part of this exciting development in the UAE’s automotive and transport industries. She 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”, added Tawakul.

Leo, chairman of NEV Investment, expressed his delight at the official premiere of Chinese New Energy Vehicles 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.