Saudi Arabia and the Egyptian army cooperate to launch advanced cars

Saudi Arabia – The Saudi company “Waja” announced the signing of a framework cooperation agreement with the “Arab Organization for Industrialization” affiliated with the Egyptian army to produce and manufacture 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 Arab Organization for Industrialization 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 aspects of partnership with sisterly Arab countries, in accordance with a clear vision pursued by the Arab Organization for Industrialization 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 the Arab Organization for Industrialization, expressed his appreciation and pride in this cooperation with the Saudi Waja Group, and said 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 in cooperation with international companies and benefit from the advanced manufacturing capabilities of the Arab Industrialization Company.

The second phase is centered on establishing the new company’s factory and installing production and testing lines.

For his part, Ibrahim Abdullah Abdul Salam, Chairman of the Board of Directors of the Saudi Waja Group, expressed his appreciation for this cooperation with the Arab Organization for Industrialization, which has enjoyed a historical role in all fields of industry since its establishment, praising the Authority’s commitment to international quality standards through its distinguished expertise in implementing industrial projects. And economic.

Source: Masrawy