Saudi Firm WAJA Co. Expands to Egypt to Produce Electric Vehicles
In a groundbreaking move, Saudi multi-sector firm WAJA Co. is venturing into Egypt to establish a joint firm focused on producing and manufacturing electric vehicles. This strategic decision comes after signing a framework cooperation agreement with the Egypt-based military organization Arab Organization for Industrialization.
Egypt Ranks 28th in Global E-Mobility Index
Egypt is making strides in the electric vehicle industry, recently ranking 28th in a global e-mobility index. This ranking showcases the country’s readiness to transition to EVs, as reported by Egypt Today newspaper, citing US consulting firm Arthur D. Little.
The Future of Electric Vehicles
According to a report by investment management firm Goldman Sachs, electric vehicles could make up half of global car sales by 2035. Despite challenges faced by the sector, analysts predict a significant shift towards more advanced autonomous vehicles in the coming years.
Saudi Arabia’s Ambitious EV Goals
Saudi Arabia has set a goal to transition 30 percent of all vehicles in Riyadh to electric by 2030, as part of a larger strategy to reduce emissions by 50 percent in the capital city. This aligns with the country’s objective of achieving carbon neutrality by 2060.
Growing EV Market in the Middle East and Africa
Research firm Mordor Intelligence predicts significant growth in the Middle East and Africa automotive EV market, estimating it to reach $9.42 billion by 2029. Governments in the region are increasingly promoting eco-friendly vehicles and energy storage solutions to drive growth in the market.
The Rise of Electric Vehicles in the Middle East
Faisal Sultan, vice president and managing director of Lucid Middle East, anticipates significant expansion in the electric vehicle industry driven by a growing demand for eco-conscious automobiles in the region. With the sector rapidly evolving, EVs are becoming a cornerstone of sustainable transportation.
Challenges and Opportunities in the EV Market
While electric vehicles offer futuristic designs and eco-conscious benefits, concerns about infrastructure support remain. However, with forecasts predicting exponential growth in the global EV market, it is clear that eco-friendly transportation is no longer just an ambition but a driving force towards a sustainable future.