Ajman, UAE – 5 November, 2025: 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.
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About Ajman Bank
Established in 2007, Ajman Bank PJSC is the first Islamic bank incorporated in the Emirate of Ajman. Headquartered in Ajman, United Arab Emirates, the bank officially commenced operations in 2009 and is listed on the Dubai Financial Market. Ajman Bank is a key pillar in the emirate’s economic development strategy and is strongly supported by the Government of Ajman
Ajman Bank offers a comprehensive range of Shari’ah-compliant banking, financing, and investment services to individuals, businesses, and government entities. Its operations span across Consumer Banking, Corporate Banking, Investment Banking, and Treasury segments.
