Arab Finance: Egypt’s real estate developer GV Investments has signed a strategic partnership agreement with the Russian manufacturer of electric vehicles (EVs) Concordia to set up an EV components manufacturing factory in Egypt, according to an emailed press release.

Under this partnership, GV Investments will provide the plot of land needed for the project as well as construct the factory.

The factory is set to have a production capacity of up to 5,000 units, with local inputs of EVs’ feeding components of 60% of total inputs.

The project aims to export the products to the Gulf countries and North Africa to boost the economic development in the region.

The factory is expected to start operation by the second half of 2024.

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