Emirates Transport, China's NEV Investment Establish A Joint Venture
Emirates Transport and NEV Investment have signed a Memorandum of Understanding (MoU) 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 […]
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Mr. Leo Liu, Chairman of NEV Investment and Faryal Tawakul, Acting CEO of Emirates Transport
Emirates Transport and NEV Investment have signed a Memorandum of Understanding (MoU) 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.
Faryal Tawakul, Acting CEO of Emirates Transport, 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.”
Leo, chairman of NEV Investment, 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.”
