An Egyptian company intends to produce the first auto electricity in the Arab world

An Egyptian company intends to produce the first auto electricity in the Arab world in the coming years, after the owner of this company, one of Egypt’s largest billionaires, liquidated his investments in some major international companies to devote his money to the production project of auto electric, which could turn into the Egyptian market.

According to an extensive report published by the American agency “Bloomberg” and viewed by “Al”, the well-known Egyptian billionaire, Mohamed Mansour, has stopped his investments in the companies” Twitter “and” Meta “, which owns the Facebook network, and intends to focus in the next period on green projects, including the production of auto electric through its Egyptian company, which bears the name “Al-Mansour Motors”.

Mansour, whose family fortune is valued in $ 6.8 billion, expects to produce 15,000 auto electric in Egypt in the next three to five years through its company, Mansour Automotive, which has a long-term partnership with General Motors. Motors also plans to import and market five Cadillac electric vehicles by 2025.

“I feel it will be a huge success,” said Mansour, 74, in an interview from Sharm el-Sheikh, and said his 50 years of automotive experience help him “understand what is marketable and what is not.”

By the end of the decade, Bloomberg says, more than 77 million electric passenger vehicles will be in road traffic globally, almost 3 times the current number.

“We want to be pioneers in this aspect, “Mansour said.

The use of auto electric in Egypt, home to around 104 million people, is still very limited, while a government official estimated last year that only a few hundred electric vehicles roam the crowded streets, but indicated there are signs of change, with plans supported by the state to build auto at affordable prices and open a network of charging stations.

Mansour has been running the family group – born as a cotton exporter in 1952 – since his father’s death 46 years ago and his businesses have diversified ever since. in real estate, catering and manufacturing services, including owning one of the largest Caterpillar construction equipment dealers in the world and a franchise for all McDonald’s Corp restaurants in Egypt.

The Mansours make much of their investment through the family’s London office, Man Capital.

In recent years, technology has been a major driver of the family’s wealth growth, as Mansour was one of the earliest investors in giant companies like Airbnb and Snowflake, and it’s also investing in technology through Ventures, based in San Francisco, United States.

Mansour said he reduced his stake in Facebook-owning company “Meta” and sold all of his “Twitter” shares last year for a “good price”, but refused to disclose the price at which sold it.

He said the sales were part of a larger effort over the past two years to halve household equity exposure. in particularly in technology, and create liquidity. Mansour said he doesn’t rule out a return to equity markets in the second or third quarter of 2023 if conditions improve. “Now we are waiting with the money,” he said.

By 2024, Mansour aims to focus 10% of all its investments on the environment, up from 2% today. in one of Africa’s largest renewable energy producers and has interests in wind turbines in Great Britain.

Got back in Egypt, Palm Hills, one of his family businesses, is developing a green housing project on a 3,000-acre lot west of Cairo, which will house 250,000 people when completed. It will be the first city in the Middle East and North Africa to be built according to the United Nations Sustainable Development Goals. “If we don’t do our part, I think the next generations will pay the price,” she said.

Read More About: Business News