Ajman Bank Partners with Emirates Driving Company to Finance Strategic Stake in Mwasalat Holdings

Press release

Published November 6th, 2025 - 03:42 GMT

Ajman Bank Partners with Emirates Driving Company to Finance Strategic Stake in Mwasalat Holdings

Ajman Bank, one of the UAE’s leading Shariah-compliant financial institutions, has signed a Memorandum of Understanding (MoU) with Emirates Driving Company (EDC) (ADX: DRIVE), a subsidiary of Multiply Group PJSC, to finance a portion of EDC’s acquisition of a 22.5% stake in Mwasalat Holdings LLC, with an option to increase its shareholding to 50.6%.

The partnership marks a significant milestone in EDC’s long-term growth strategy and underscores Ajman Bank’s role in supporting strategic national projects that drive innovation, enhance financial inclusion, and contribute to the UAE’s sustainable economic growth.

Mr. Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said: “We are pleased to formalize this collaboration with Emirates Driving Company during GITEX Global, a platform synonymous with progress and innovation. This agreement reinforces Ajman Bank’s commitment to financing impactful national projects and providing end-to-end financial solutions across corporate, treasury, and retail segments”.

The signing took place during GITEX Global 2025, the region’s largest technology and innovation event. Under the MoU, Ajman Bank will provide financing for the Mwasalat acquisition and deliver a comprehensive suite of cash management, risk management, and retail banking solutions, including treasury and transaction banking services tailored to EDC’s requirements.

Mr. Khaled Al Shemeili, CEO of Emirates Driving Company, said: “Signing this MoU at GITEX highlights our focus on innovation and strategic partnerships that support our growth ambitions. Ajman Bank’s support will be instrumental in enabling the Mwasalat acquisition and enhancing our operational excellence”.

Building on EDC’s 25-year market legacy, the acquisition will unlock significant operational synergies, paving the way for greater profitability and long-term value creation. With Ajman Bank’s financial partnership, EDC will broaden its portfolio in line with a bold, future-focused mobility vision reinforcing both institutions’ shared commitment to delivering seamless, safe, and sustainable transport across the UAE and the wider region.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.