Launch Partners

Saturday, April 20, 2024

Launch Partners

Vehicle finance start-up Moove raises US$30 million in debut Sukuk to scale to 2,000 electric vehicles

UAE: Vehicle finance start-up Moove is raising US$30 million in a private placement debut Sukuk issuance, arranged by Franklin Templeton Investments’s Middle Eastern unit, which will be utilized to scale to 2,000 electric vehicles in the UAE over the coming year in its mission to build the largest EV ride-hailing fleet in the MENA region, a press statement read.

Moove said the debut Sukuk issuance is targeted toward Shariah compliant investors who are particularly interested in environmentally and socially responsible investments, which will also open up further avenues for the financing of its expansion plans.

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