AOI s Chairman Mokhtar Abdel Latif and representatives of the Higher Committee of the Integrated Industrial Partnership between Egypt, UAE, Jordan, and Bahrain meet in Cairo. AOI
In a statement on Sunday, 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.
Since its launch in Abu Dhabi in May 2022, the partnership between the four Arab countries has seen the signing of multi-billion deals to boost sustainable growth and explore opportunities for joint investments, especially in priority sectors.
Late last month, UAE-based automotive manufacturer M Glory Holding announced a $550 million project to establish three integrated factories for electric vehicles in Egypt, the UAE and Jordan during the third meeting of the higher committee in Amman.
M Glory introduced UAE's first home-made electric vehicle, Al-Damani DMV300, in March last year.
In their recent meeting, the committee discussed localising the technology to produce the joint Arab electric vehicle using local components and capabilities available in the four countries.
The committee praised the capabilities of the Egyptian automobile manufacturer, Arab American Vehicles (AAV), and inspected the company's production lines. Established in 1977, AAV is a joint venture between the AOI and Chrysler Group LLC and has assembled many car models for civilian and military use since its inception.
Egypt plans to produce its first electric vehicle in 2023 as part of its government strategy to transition towards a green economy. In February 2023, the Arab Academy for Science, Technology & Maritime Transport (AASTMT) regional university announced that it would launch Egypt's first locally manufactured electric vehicle within six months at an affordable price in the Egyptian market. The project includes two EVs designed in cooperation with the private sector, according to the Dean of the Applied Research Department at AASTMT, Mohamed El-Ghamry.
Furthermore, the Egyptian government has expressed its openness to localising other aspects of the EV industry. Last April, the Ministry of the Public Business Sector announced that ten companies and consortia had qualified to tender for the management and operation of electric car charging stations in Egypt.
In June 2022, the Egyptian government launched a national strategy for developing the automotive industry, including the EV manufacturing industry.
In October, Egypt's Senate approved a new government-drafted bill to establish a supreme council for vehicle manufacturing and set up a fund to provide financing for an environment-friendly EV industry in the country.