Saudi Arabia’s Waja Announces Project to Produce Electric Cars in Egypt

Waja, a Saudi company specializing in the fields of advertising, communication and information technology, announced the signing of a framework cooperation agreement with the Arab Organization for Industrialization (AOI) for the production and manufacture of electric cars.

The company, listed on the Saudi Stock Exchange, said on its official website that it had succeeded in concluding an agreement with the AOI to establish a company based in Egypt, to invest in the field of the electric car industry.

The signing of the agreement comes to strengthen partnerships with sisterly Arab countries, in accordance with a clear vision pursued by the AOI to attract investments and increase export rates, as they are among the pillars of the national economy and the engine of the state’s sustainable development, in accordance with Egypt’s Vision 2030.

Mukhtar Abdel Latif, Chairman of AOI, expressed his appreciation and pride in this cooperation with the Saudi Waja Group, saying that the areas of cooperation include establishing a company to produce and manufacture electric cars to meet the demands of the local market and export to Arab and African countries.

Abdel Latif explained that production will take place in two stages, the first within one of the authority’s factories to manufacture electric car models suitable for the Egyptian market, and export them abroad. He added that AOI will cooperate with international companies and benefit from the advanced manufacturing capabilities of the Company. The second phase is centered on establishing the new company’s factory, installing production and testing lines.

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