DUBAI, 25th May, 2022 (WAM) -- Emirates Transport (ET) and China's NEV Investment LLC 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 MoU was signed on the sidelines of the Electric Vehicle Innovation Summit (EVIS) 2022, held at the Abu Dhabi National Exhibition Centre (ADNEC).

The joint venture represents an important milestone in the efforts aimed at accelerating the New Energy Vehicles Project in the UAE, which has four key components, trading, infrastructure, research, and development, as well as manufacturing.

The project is in line with the 'Make it in the Emirates' and 'Operation 300bn' initiatives, part of the UAE’s industrial strategy aimed at increasing 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, stated that the company was proud to be a part of this exciting development in the UAE’s automotive and transport industries. '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,' she added.

Leo Lu, Chairman of NEV Investment, expressed his delight at the official premiere of Chinese New Energy Vehicles at EVIS and the event as a whole. '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.'

Emirates Transport and NEV Investment have jointly attended the summit as an exhibitor, with BYD Han (TBC) and Henrey Mini Tiger as the key New Energy Vehicles for the debut of Chinese New Energy Vehicles to the UAE.

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. Discussions surrounding not only New Energy Vehicles but also NEV Infrastructure components such as fast charging stations, aftersales service and spare parts logistics centres establishment, IoT, electrical cables, and more were actualised.

EVIS is considered a launchpad for NEV Investment and potential Chinese New Energy Vehicles which can be introduced to the UAE. This is the first step to a long-term sustainable partnership between the UAE and China as the two countries have a shared goal in raising NEV Industrial innovation.

wam