Egypt's AOI, KSA’s Waja Forge EV Partnership

Egypt's Arab Organization for Industrialization (AOI) and Kingdom of Saudi Arabia (KSA) Waja Group have formed a joint venture to manufacture and market electric cars (EVs) domestically and abroad, with a focus on competitive pricing. The partnership aligns with AOI's vision to enhance ties with Arab nations and boost exports, in line with Egypt's Vision 2030. While the capital investment and production capacity remain undisclosed, the venture will proceed in two phases, leveraging AOI's manufacturing capabilities and eventually constructing a new facility. AOI’s chairperson lauded the collaboration, highlighting mutual commitments to quality and international standards, while Waja Group's chairman expressed appreciation for AOI's expertise and track record.

Egypt's proactive EV policies, including charging infrastructure development and tax incentives, align with market growth projections for the Middle East and Africa EV sector, set to reach $9.42 billion by 2029.