As a down payment an Egyptian billionaire is considering investing $100 million in Morocco

Naguib Sawiris, CEO of Orascom Investment, expressed his willingness to invest $100 million in Morocco if an appropriate investment opportunity arises.

The Egyptian billionaire said in a statement to Al-Sharq TV on the sidelines of his participation in the African Economic Forum (Choiseul) held in Casablanca: “We will enter the Moroccan market in the coming years if we find an open area where there is not much competition … But we will not enter into a project that requires investments of more than $100 million in the first stage.

As for the sectors in which he is looking into investments, Sawiris said the focus would be on technology, especially electric vehicle charging. He said: “Morocco is preparing to build a plant for the production of batteries for electric vehicles. The project.”

He added: “We have a company that invests in alternative solar energy and Morocco has important opportunities in this area. The same applies to the establishment of food industry projects, such as the sugar mill we own and operate in Egypt, in addition to a very active tourism and hospitality sector these are all important opportunities, but we do not yet have a firm commitment to a specific project.”

Sawiris said that he would meet with the Minister of Investments of Morocco.

According to Al-Sharq, the head of Orascom Investment, called investment in electric vehicle charging stations in Africa the “future,” referring to talks he has with several African governments to take the lead in this area.

Source: Al Sharq Canal