init innovation in traffic systems SE

  • WKN: 575980
  • ISIN: DE0005759807
  • Land: Deutschland

Nachricht vom 27.03.2019 | 10:10

init innovation in traffic systems SE: Successful contracts for init in the United Arab Emirates

DGAP-News: init innovation in traffic systems SE / Key word(s): Contract

27.03.2019 / 10:10
The issuer is solely responsible for the content of this announcement.

Abu Dhabi continues to place its trust in an init solution for controlling City Transport buses in the metropolitan region on the Gulf

Following the privatisation directive of Abu Dhabi government in the United Arab Emirates, UAE, the Department of Transport (DoT) in Abu Dhabi has contracted three private local operators to take over and provide the public transport operation in the Emirates of Abu Dhabi starting from 2019.

Now, the Karlsruhe-based init innovation in traffic systems SE (ISIN DE 0005759807), the specialists in integrated planning, dispatching, telematics and ticketing solutions for buses and trains, has signed the contract to supply, install, expand and maintain the AVM system with the operator for the metropolitan area of Abu Dhabi. The contract is worth more than EUR 15 million in total including maintenance services. Other transport operators in the Eastern and Western regions of the Abu Dhabi Emirate are soon expected to sign further contracts with init.

init has been the control system supplier and the technology partner for the leading transport providers in the region since 2011 having its presence in the region through a local team of experts since 2007, which has enabled close consultation with the local transport providers and the customers. The result has been a successful collaboration, which is now set to continue.

Under the supervision and direction of the main customer City Transport, a subsidiary of Emirates National Group (ENG), the market leader in automotive services, init will be responsible for the AVM system (known internationally as an Intermodal Transport Control System, ITCS). In addition to the management of the existing fleet of more than 300 buses, the project will also encompass the delivery and installation of the AVM and passenger counting for at least 280 new buses.

"The contract that has now been concluded is an important milestone for init and expands our presence in the United Arab Emirates. Gaining City Transport as a new customer underlines the success of the collaboration between init and the Abu Dhabi Department of Transport, besides serving the strategic decision towards sustainable transport for the Emirate of Abu Dhabi," says Eyad Tayeb, Managing Director of Init Innovation in Traffic Systems FZE, Dubai UAE.

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Simone Fritz
Investor Relations

27.03.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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