UAE-based NWTN has announced an agreement with SEET, a subsidiary of Medad Holding. This deal marks a significant step in NWTN’s transformation towards “Smart Mobility, Smart Device, and Smart Contract” solutions. Under the Share Purchase Agreement, SEET will invest $100 million to acquire newly issued NWTN shares and collaborate on initiatives in urban mobility, AI, smart energy, and blockchain technology.
Upon completion, SEET will become NWTN’s largest shareholder, thus strengthening NWTN’s position in the UAE’s clean energy and high-end manufacturing sectors. This partnership aligns with the “We the UAE 2031” national vision and its “Forward Economy” initiative, which aims to advance the UAE’s role in the digital economy and energy sector.
KEY QUOTES:
” As a leading group in the UAE, Medad Holding is dedicated to delivering cutting-edge solutions tailored to today’s evolving market demands. With this strategic investment as the starting point, we are excited to build the long-term partnership with NWTN. This investment reflects our trust in NWTN’s strategy and capability, as well as our confidence in the potential value and synergy that will be created by NWTN and other portfolio companies in our group and in UAE. I believe NWTN will be an important platform for technology, innovation and global talent in the future.”
H.E. Mohammed Alshaiba Almazrouei, COO of Medad Holding (SEET LLC’s parent company)
“We are honoured to have SEET LLC as our largest strategic shareholder. SEET and Medad Group’s other investments are highly complementary with NWTN’s strength in smart manufacturing and accessibility to global technology and talent. This collaboration aligns with the ‘We the UAE 2031’ vision and Dubai’s D33 economic agenda. As a leading force in UAE’s “Forward Economy”, NWTN aspires to play an integral role in not only new energy sector, but also sectors and industries of the future.”
Benjamin Zhai, CEO of NWTN
