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Moove raises $30m for expansion to build largest EV ride-hailing fleet in MENA region

Image credit: Moove

Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is raising $30 million from a debut ‘sukuk’ issuance arranged by Franklin Templeton Investments (ME) Ltd. in its mission to build the largest EV ride-hailing fleet in the Middle East and North Africa (MENA) region.

The issuance of the Shari'ah compliant notes or "sukuk" has been privately placed and structured as a sukuk al- istisna, a Shari'ah compliant contract for the order to manufacture EVs. The financing is a milestone for Moove and seen as testament to the strength of its business model and growth potential.

The successful completion of this debut sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments. It is hoped the move will open-up further avenues for the financing of Moove's ambitious expansion plans.

Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year, creating sustainable economic opportunities, whilst accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region. Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet their ambitious Net Zero targets.

Ladi Delano, co-founder and co-CEO of Moove, said: “This financing is a milestone for Moove - our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”

Mohieddine Kronfol, CIO, Global Sukuk and MENA Fixed Income, Franklin Templeton, said: "Franklin Templeton is pleased to lead this innovative Sukuk transaction that simultaneously complements our global sukuk and Sharia compliant private market strategies, while supporting the development of mobility and fintech ecosystems in the UAE initially, followed by more markets in the future. The transaction also further validates the opportunity we have been arguing exists in private credit across the region, combining attractive yields with security and credit control.

“We wish Moove's management team much success and look forward to seeing their cars on the road, as well as the social and environmental impact their business can have on our region."

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