Friday 22 Nov
Saudi company Waja, specialized in advertising, communication and information technology, has announced the signing of a framework cooperation agreement with the Arab Organization for Industrialization (AOI)to produce and manufacture electric cars.
The company, which is listed on the Saudi Stock Exchange, said
on its official website that it has succeeded in concluding an agreement with
the AOI to establish a company headquartered in Egypt to invest in the electric
cars manufacturing industry.
The signing of the agreement strengthens ties with Arab
countries, in accordance with a clear vision pursued by the organization to
attract investments and increase export rates, as they are the pillars of the
national economy and the engine of sustainable development, in accordance with
Egypt's Vision 2030.
Chairman of the AOI Mokhtar Abdel Latif, expressed his
appreciation of the cooperation with the Saudi Waja Group, and said that cooperation
includes the establishment of a company for the production and manufacture of
electric cars to meet the demands of the local market and export to Arab and
African countries.
He explained that production will be carried out in two
stages, the first takes place inside one of the organization's factories to
manufacture electric car models that suit the Egyptian market, and also export
them in cooperation with international companies and benefit from the advanced
manufacturing capabilities of the AOI.
The second stage focuses on establishing the new company's
factory and installing production and testing lines.
