Dubai Taxi Company: Going National: proposed acquisition of Dubai’s #3 taxi operator

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Dubai Taxi Company: Going National: proposed acquisition of Dubai’s #3 taxi operator

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Dubai Taxi Company

Going National: proposed acquisition of

Dubai’s #3 taxi operator

Maintain Rating: BUY | PO: 2.95 AED | Price: 2.01 AED

Breaking News 13 May 2026

Equity• DTC announces a proposed acquisition of National Taxi, Dubai’s #3 largest taxi

franchise, valued at AED1.45bn EV Jameel Bakhsh, CFA >>

Research Analyst

• National Taxi would add c.2.5k plates in Dubai, Abu Dhabi and Al Ain to DTC's fleet – it Merrill Lynch (DIFC)

would be the company’s first fleet outside Dubai +971 4 425 8252 jameel.bakhsh@bofa.com

• Rationale: adds Dubai market share + grow pan-Emirate. Management expects Michael Jacks, CFA >>

earnings accretion from first full year. Completion expected 3Q26 Research Analyst

Merrill Lynch (South Africa)

+27 113 055 158

michael.jacks@bofa.com

Rationale: Scaling in Dubai and expanding beyond Mohsen Ameeri >>

The proposed acquisition would materially increase scale in Dubai while establishing an Research Analyst

Merrill Lynch KSA Company

immediate presence beyond, with (1) pro-forma Dubai market share of 59% (National +966 112 993 741

Taxi: 13% in March 2026), (2) ownership of ~800 plates across Abu Dhabi and Al Ain, and mohsen.ameeri@bofa.com

(3) an initial ~12% market share in Abu Dhabi. The acquired fleet is a ready-to-use,

revenue-generating asset base already integrated into Bolt and other e-hailing

platforms, with strong unit economics (98% utilisation, 45% e-hailing penetration), Stock Data

supporting near-term earnings visibility. We expect the deal to be positively received,

given the immediate scale benefits, operational readiness of the acquired assets, and Price 2.01 AED

clear earnings accretion. Analyst call tomorrow (14 May), 2pm UAE.