In a statement, Egypt's Arab Organization for Industrialisation (AOI) urged for the completion of preparatory processes as soon as possible so that the vehicle may be shown at the 28th UN Climate Change Conference (COP28) later this year in the UAE.
Since its inception in Abu Dhabi in May 2022, the four Arab nations' cooperation has witnessed the signature of multibillion-dollar partnerships to support sustainable growth and explore potential for cooperative investment, particularly in important industries.
During the third meeting of the upper committee in Amman late last month, the UAE-based automobile company M Glory Holding unveiled a $550 million project to construct three integrated facilities for electric cars in Egypt, the UAE, and Jordan. In March of last year, M Glory presented the UAE's first home-made electric car, the Al-Damani DMV300.
The committee recently addressed localising the technology to create the collaborative Arab electric car utilising local components and capabilities available in the four nations at their most recent meeting.
The committee commended Arab American Vehicles (AAV), an Egyptian automotive manufacturer, and reviewed the company's production lines. AAV, founded in 1977 as a joint venture between the AOI and Chrysler Group LLC, has built many automobile types for commercial and military usage.
Egypt wants to develop its first electric car in 2023 as part of the government's green economic transformation agenda. The Arab Academy for Science, Technology, and Maritime Transport (AASTMT) regional university said in February 2023 that it will introduce Egypt's first domestically built electric car in six months at a competitive price in the Egyptian market. According to Mohamed El-Ghamry, Dean of the Applied Research Department of AASTMT, the project involves two EVs created in collaboration with the private sector.
Additionally, the Egyptian government has stated that it is willing to localise other areas of the EV business. The Ministry of Public Business Sector stated in April that 10 firms and consortia had qualified to bid on the administration and operation of electric car charging stations in Egypt.
The Egyptian government announced a national strategy for boosting the automotive sector, including the EV manufacturing business, in June 2022.
Egypt's Senate adopted a new government-drafted law in October to establish a supreme council for vehicle manufacture and a fund to offer finance for the country's environmentally friendly EV industry.