Multiply subsidiary and driving institute Emirates Driving Company (EDC) has agreed to acquire a 22.5% stake in Abu Dhabi-based fleet operator Mwasalat Holding, with the option to up that to 50.6% depending on certain conditions and regulatory approvals, it said in a disclosure (pdf). There’s no publicly available information about the expected timeline for the transaction’s completion or its value.

This is the second acquisition in 12 months: The training institute acquired a 51% stake in Excellence Premier Investment last year for AED 153 mn. Excellence Premier operates delivery, limousine, and auto workshop services, with centers in 20 locations across Dubai.

The acquisition helps the firm expand its public transport services, and will lay the groundwork for collaboration in bus and taxi operations, according to a separate press release (pdf).

It will also help boost Emirates Driving’s profitability: Mwasalat generated over AED 650 mn in revenues last year, operating a fleet of public buses, taxis, school transport and corporate hire vehicles, the release read. EDC’s net income came in at AED 68.8 mn in 1Q 2025, marking a 7.6% increase compared to the same period last year, according to its financialstatement(pdf). The company’s revenues rose 85.4% y-o-y to AED 167.1 mn in 1Q.

Market reax: Emirates Driving’s shares soared 10.4% yesterday.

IN OTHER M&A NEWS-

#1- Global media giant Condé Nast has acquired Wired Middle East, bringing it under its fully-owned regional portfolio, according to a press release. The tech, business, science, and culture-focused publication joins a regional portfolio that also includes Architectural Digest Middle East, Condé Nast Traveller Middle East, GQ Middle East, and Vogue Arabia. The statement didn’t disclose the value of the acquisition.

Strategic milestone: Wired Middle East was launched in 2019 by Dubai-based publisher Nervora, Arab News reports. The global media giant also recently took over GQ Middle East and Vogue Arabia from Nervora. Wired will continue publishing its print edition on a quarterly basis under Condé Nast’s ownership, but will primarily serve as a digital-first platform for tech and science-focused regional stories.

#2- UAE-based pet care retailer The Pet Shop has acquired PetHaus, a Dubai-based pet retailer and service provider, according to a press release. The acquisition includes PetHaus’ two stores in City Land Mall and on Sheikh Zayed Road, which will continue operating under the PetHaus brand. The value of the acquisition was not disclosed.

About The Pet Shop: Founded in 2011 by Charlotte and Anders Jorgensen and backed by private equity firm Aliph Capital, The Pet Shop is an omnichannel retailer with nine physical stores and an e-commerce platform serving all emirates, which distributes over 50 international brands.

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