ArabFinance: Hassan Allam Holding Company (HAH) signed a cooperation protocol with El Nasr Automotive Manufacturing Company to replace part of its fleet with electric vehicles in an initiative that may be the first of its kind in the Egyptian market, the company said in a recent press release.
Under the deal, HAH will replace its old vehicles with electric ones, in an initiative that could be the first of its kind in the Egyptian market.
The move falls in line with the Egyptian government's efforts to preserve the environment and natural resources, and stemming from a belief in the importance of shifting to clean energy.
The company will also work together with the top electric vehicle charging station manufacturers to lay the ground for the infrastructure needed for the transition.
The current global trend of shifting towards electric vehicles is fuelled by their unique ability to cut greenhouse gases, reduce dependence on hydrocarbons as energy sources, and achieve sustainable development goals (SDGs) and Egypt's Vision 2030, the release highlighted.
Earlier, the Ministry of Public Business Sector has launched an initiative to replace old vehicles nationwide with newer models that run on clean energy.
El Nasr Automotive Manufacturing Company is expected to start manufacturing electric cars (Nasr E70) by mid-2022.
Furthermore, the country plans to build about 3,000 dual electric vehicles (EV) stations in line with the directives of President Abdel Fattah el Sisi.
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