Moove, a Nigeria-owned mobility fintech company and Uber's largest vehicle supplier in the EMEA region, is raising $30 million through a debut sukuk issuance to power its mission to build the largest EV ride-hailing fleet in the MENA region.
Moove's debut Sukuk issuance, arranged by Franklin Templeton Investments (ME) Ltd., will enable the company to access a wealth of Islamic investors who prioritize environmentally and socially responsible investments. This successful financing will pave the way for the company to continue expanding its ambitious plans.
The sukuk, a Shari'ah-compliant note, will be privately placed and structured as a sukuk al-istisna, a Shari'ah-compliant contract for the order to manufacture EVs.
The funds will be used to scale Moove's EV fleet to 2,000 vehicles in the UAE, as well as create sustainable economic opportunities and enhance 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.
This financing is a milestone for Moove, marking its first Sukuk issuance and supporting its mission to build the largest EV ride-hailing fleet in the MENA region.
In October, Moove expanded into the United Kingdom after securing £15 million (~$17 million) in debt financing from Emso Asset Management.