Joint venture between Arab Organization for Industrialization and Waja Group to manufacture and sell EVs in Egypt

Cairo – April 22, 2024: The Arab Organization for Industrialization (AOI) and KSA’s Waja Group have teamed up for a joint venture to manufacture, sell and market electric cars (EVs) within the Egyptian market and exporting abroad while aiming for competitive pricing.

This partnership underscores AOI's ongoing efforts to bolster ties with fellow Arab nations, aligning with its vision to attract investments and boost export rates, in alignment with Egypt's Vision 2030.

Representatives from both companies recently signed a framework agreement. However, key details such as the capital investment and production capacity of the new venture remain undisclosed.

Production will be carried out in two phases, with the initial phase utilizing AOI's manufacturing capabilities to produce EV models tailored to Egyptian market needs and crafted in collaboration with major international firms.

The second phase will begin with the construction of a new manufacturing facility, equipped with state-of-the-art production and testing lines.

AOI’s chairperson, Major General Engineer Mokhtar Abdel Latif, praised the collaboration with Waja Group, emphasizing the shared commitment to quality and international standards. He outlined the areas of cooperation, which include the establishment of a joint company to produce EVs catering to both domestic and international markets.

Ibrahim Abdellah Abdul Salam, Chairman of Waja Group, expressed gratitude for the partnership with AOI, recognizing the organization's illustrious history and expertise across various industrial sectors. He commended AOI's adherence to international quality standards and its track record in implementing industrial and economic development projects.

Egypt has been actively developing and implementing policies and incentives to foster a robust EV ecosystem, including establishing charging infrastructure networks across major cities, and offering tax breaks on EV imports.

Research firm Mordor Intelligence expects the Middle East and Africa EV market to grow to $3.33 billion in 2024 and will reach $9.42 billion by 2029, according to a report in January 2024.