Emirates Transport and China’s NEV Investment have signed a Memorandum of Understanding (MoU) to establish a Joint Venture for the development, construction, marketing, operation, and management of the New Energy Vehicle Project in the UAE.
The MoU was signed during the Electric Vehicle Innovation Summit (EVIS) at the Abu Dhabi National Exhibition Center (ADNEC). The Joint Venture is a byproduct of the acceleration of the NEV Project in the UAE, which has four key components, trading, infrastructure, research, and development, as well as manufacturing.
The project was initiated to produce electrics in the UAE. It is in line 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.
Faryal Tawakul Acting CEO Emirates Transport
“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.”
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.
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 of raising NEV Industrial innovation.
Mr. Leo, chairman of NEV Investment said that “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.”
