Saudi company Waja announced the signing of a framework cooperation agreement with the Arab Organization for Industrialization, which is affiliated with the Egyptian military, to produce and manufacture electric vehicles. The company, listed on the Saudi stock exchange, stated on its official website that it successfully concluded an agreement to establish a company based in Egypt to invest in the electric vehicle industry. The signing of the agreement aims to enhance partnership aspects with sister Arab countries, according to a clear vision pursued by the Arab Organization for Industrialization to attract investments and increase export rates, which are considered pillars of the national economy and a driving force for sustainable development in the country, in line with Egypt's Vision 2030.
The head of the Arab Organization for Industrialization, Mokhtar Abdel Latif, expressed his appreciation and pride in this cooperation with the Waja Group from Saudi Arabia. He mentioned that areas of collaboration include establishing a company to produce and manufacture electric vehicles to meet local market demands and export to Arab and African countries. Abdel Latif explained that production will occur in two phases: the first phase at one of the organization’s factories to manufacture electric vehicle models suitable for the Egyptian market and export them abroad in collaboration with global companies, benefiting from the advanced manufacturing capabilities of the Arab Organization for Industrialization. The second phase focuses on establishing the new company's factory and setting up production and testing lines.
For his part, Ibrahim Abdullah Abdul Salam, Chairman of the Waja Group, expressed his appreciation for this collaboration with the Arab Organization for Industrialization, which has a historic role in all industrial fields since its establishment. He praised the organization’s commitment to global quality standards through its distinguished expertise in implementing industrial and economic projects.
