Moove to Enter UAE With $30M Sukuk Issuance

Moove has raised $30 million from a sukuk issuance to fund its entry into the UAE market.

The Nigeria-borne vehicle financing platform announced the raise, which will be its first such issuance, in a press release on Friday (Dec. 09).

A sukuk, sometimes known as a sharia-compliant bond, is a type of Islamic bond that represents a portion of ownership.

“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 and will open up further avenues for the financing of Moove’s ambitious expansion plans,” the release stated.

Although it isn’t only available for financing electric vehicles (EVs), Moove has committed to ensuring that at least 60% of the vehicles it finances globally are electric.

As the company expands across the globe, a deal struck with Uber is helping Moove tap the demand for vehicle financing among gig economy drivers.

For example, the company made its first foray into the European market recently via a rent-to-buy model for electric vehicles (EVs) offered to Uber drivers in London.

The Uber partnership also helped Moove expand into India earlier this year.

In the latest expansion, Moove will use the funds to scale its fleet of EVs in the UAE. The firm estimates that these vehicles will contribute to a reduction of over 5,000 metric tons of carbon dioxide emissions per year.

“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,” Moove Co-founder and Co-CEO Ladi Delano said.

As part of its launch in the UAE, Moove said that it will roll out its EV charging app, Moove Charge, which allows users to locate charge available points, filtering by charge speed and wallet compatibility.

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