Saudi-based Waja Company has announced plans to set up a new venture in Egypt, dedicated to producing and manufacturing electric cars. The initiative will take place via a new partnership with the Arab Organisation for Industrialisation in the Republic of Egypt.
A leading Saudi business entity with interests in construction, contracting and technology, Waja Company said it has recently signed a framework co-operation agreement with the Egyptian group.
In its filing to the Saudi bourse, Tadawul, Waja Company explained that the partnership represents a step towards enhancing the company’s strategic goals as a leader in multiple industry sectors, with a strong presence at the vanguard of the New Energy transition.
It added that JV with the Arab Organisation for Industrialisation in the Republic of Egypt will cater to the needs of both the local and export markets, responding to the growing appetite for leading-edge electric vehicles.
