Waja Company said it had signed a framework co-operation agreement with the Egyptian group in this regard
Saudi-based Waja Company has announced plans to join hands with the Arab Organisation for Industrialisation in the Republic of Egypt, to set up a new venture that will produce and manufacture electric cars in Egypt.
A leading Saudi business group with interests in construction,contracting and technology, Waja Company said it had signed a framework co-operation agreement with the Egyptian group in this regard.
This partnership represents a step towards enhancing the company’s strategic goals as a leader in multiple pathways, said Waja Company in its filing to the Saudi bourse Tadawul.
The new JV firm will aim to cater to the needs of both the local market and export abroad through mass productiion of electric cars, it added.
Source: zawya