Egypt, UAE, Jordan, and Bahrain discussed the production of the first joint Arab electric vehicle (EV) during the higher committee meetings of the Integrated Industrial Partnership held in Cairo from March 19 to 21.
In a statement, the Arab Organisation for Industrialisation (AOI) of Egypt called for the swift completion of preliminary procedures in time for the vehicle to be showcased at the 28th UN Climate Change Conference (COP28) in UAE later this year.
The cooperation between the four Arab nations was established in May 2022 in Abu Dhabi, and since then, numerous multibillion-dollar agreements have been signed to promote sustainable growth and look into potential collaborative investment opportunities, particularly in critical industries.
Last month, during the third meeting of the higher committee in Amman, M Glory Holding, an automotive manufacturer located in the UAE, unveiled a $550 million plan to build three integrated facilities for EVs in Egypt, the UAE, and Jordan.
In March 2022, M Glory unveiled the Al-Damani DMV300, the first domestically produced electric vehicle in the UAE.
The committee recently considered localizing the technology to create the unified Arab EV using regional resources offered by the four nations.
Read more: Saudi, UAE to produce 205,000 EVs combined yearly towards 100% adoption
In 2023, Egypt intends to launch the production of its first electric vehicle as part of the government’s ambition to move towards a green economy. The Arab Academy for Science, Technology & Maritime Transport (AASTMT) regional university declared in February 2023 that it would introduce Egypt’s first locally produced EV to the Egyptian market within six months at a competitive price. The project includes two EVs, according to Mohamed El-Ghamry, the dean of the AASTMT’s applied research department.
In June 2022, the Egyptian government introduced a national strategy for growing the automotive sector, including the EV manufacturing sector.
In Saudi, investments in EV production are expected to reach $50 billion over the next decade. At least 30 percent of the vehicles on the road in Riyadh are expected to be electric by 2030. A new study by Goldman Sachs predicts that EVs will make up about half of the new car sales worldwide by 2035.
According to market research firm Mordor Intelligence, the Middle East and African EV market was valued at $40.25 million in 2021 and is expected to reach $93.10 million by 2027, registering a compound annual growth rate of more than 15 percent during the forecast period.
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