Dubai Taxi Company to acquire National Taxi

DUBAI / WAM

Dubai Taxi Company PJSC on Wednesday announced that it has entered into a Sales and Purchase Agreement (SPA) to acquire 100% of the share capital of National Taxi LLC for a total Enterprise Value of AED1.45 billion, funded through new bank debt facilities. The final consideration is subject to adjustment in accordance with the terms of the SPA.
Once completed, the transaction is expected to strengthen DTC’s leadership position in Dubai, increasing its market share from 47% to approximately 59%, while establishing a meaningful presence in Abu Dhabi with 12% market share, unlocking opportunities for further growth.
Commenting on the acquisition, DTC’s Group Chairman, Abdul Muhsen Ibrahim Kalbat, said, “This acquisition represents an important strategic milestone for DTC, strengthening our leadership position in Dubai while establishing a meaningful presence in Abu Dhabi. National Taxi is a well-established and high-quality operator with a strong financial profile, and this acquisition allows us to expand our platform, enhance scale and position the business for long-term growth.”
“Dubai has been the foundation of everything DTC has built, and we remain as confident as ever in its long-term trajectory. The UAE’s fundamental strengths in attracting investment, talent and visitors continue to underpin sustained demand for mobility services. This acquisition is a direct expression of that conviction, and of our commitment to growing DTC into a platform worthy of the city and country it serves,” he added.
DTC’s Group CEO, Mansoor Rahma Alfalasi, added, “The acquisition of National Taxi is a strong strategic and operational fit for DTC, enhancing our scale and strengthening our market position. The transaction is expected to be earnings accretive from the first full year of ownership, with further upside expected from procurement optimisation, centralised maintenance and disciplined integration over time”.
“The transaction has also been structured in line with our disciplined strategic approach to capital allocation with no equity dilution and a continued focus on balance sheet strength. In line with our five-year strategy, we remain committed to delivering sustainable growth while maintaining an attractive dividend profile for our shareholders and a healthy leverage profile.”
Toufic Mitri, Managing Director at National Taxi, stated, “National Taxi has been a prominent taxi operator in Dubai and Abu Dhabi for 26 years. Throughout the past two decades, the company has consistently experienced steady growth, adopted new technologies and received multiple accolades. In the past year we appointed Emirates NBD Capital Limited and Lazard Gulf Limited who undertook a competitive process to assess investor interest for the potential acquisition of National Taxi, attracting attention from investors across North America, Europe, Middle East and Central Asia. Ultimately, DTC submitted the most compelling proposal, and we are confident that DTC will guide National Taxi through its next phase of development.”
The acquisition has been structured as a 100% acquisition of the share capital of National Taxi from its existing shareholders for a total Enterprise Value of AED1.45 billion, funded through new bank debt facilities. No new equity issuance is required, and the Company remains committed to maintaining a strong balance sheet and attractive dividend profile.
The transaction is expected to complete in early Q3 2026, subject to the satisfaction of customary conditions precedent and receipt of regulatory approvals, including approval from RTA and ITC. There can be no assurance that the proposed acquisition will be completed as proposed, or at all. DTC will continue to engage with relevant stakeholders, including regulators, investors and employees, throughout the process and will provide further material updates as appropriate.
Dubai Taxi Company has retained Alvarez & Marsal Middle East Corporate Finance as its exclusive financial advisor and DLA Piper as its legal advisor, while National Taxi has retained Emirates NBD Capital Limited and Lazard Gulf Limited as its financial advisors, and White & Case LLP as its legal advisor, in connection with the transaction.