Egypt's Sawiris to invest $100mln in motorbike electric conversion project in Morocco
The company, which specialises in electric conversion of fuel-powered motorcycles, aims to invest $100 million in the country.
Blu EV co-founder and Chief Executive Officer Reda Baalbaki said the expansion into Morocco is part of a larger plan to grow gradually across MENA.
The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions.
Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family.
Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years.
Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilise DUO, the first fully electric four-wheeled vehicle made in Morocco.
However, the local use of EVs remains low due to the high cost of electric cars and the limited number of charging stations. Most EV initiatives have focused on electric cars, with little attention to motorcycles, despite their widespread use in cities like Casablanca, Marrakech, and Fez.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
Egypt plans new submarine power cable to Jordan: report
Egypt is planning to build another submarine power cable to Jordan with a capacity of 2,000 megawatts (MW) to supply electricity to Syria, Iraq and Lebanon, a Saudi news network reported on Tuesday. The project will be completed in 2029 and will quadruple the present power supply to Jordan, Asharq Business said, quoting an Egyptian government source. 'Egypt is planning to export electricity to Iraq, Syria and Lebanon via a submarine cable to Jordan with a capacity of 2,000 project is still under study,' the report said. It added that the new cable would start from Taba town in South Sinai and stretch to the Gulf of Aqaba on the Red Sea. The project is expected to be completed within 30 months, the report said, noting that Egypt is preparing to invite consultancy bids for the project. According to the report, Egypt is already linked to Jordan via a 500 MW capacity submarine cable which was built in 1999. Construction is underway on a 3GW interconnection project between Egypt and Saudi Arabia at an estimated cost of $1.8 billion (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
6 hours ago
- Zawya
Morocco to get $225mln loan for rail project
Morocco's National Railway Office (ONCF) is securing €202 million ($225 million) in funding from German development bank KfW to modernise Greater Casablanca's railway network. This financing follows a $350 million loan approved by the World Bank in June, both supporting the 'Service Intra-métropolitain Rapproché' (SIR) programme. The investments aim to improve access to employment and essential services by strengthening public transportation in Casablanca, while enhancing ONCF's railway capacity in the region. SIR involves developing a 73-kilometre rail network through infrastructure upgrades, electrification, and signaling enhancements and includes building or upgrading 15 integrated railway stations, according to a report by Moroccan news website Rue Key areas to be served include Zenata, Mohammedia, Nouaceur, and Bouskoura. The programme also aims to increase rail freight capacity to the Port of Casablanca and establish major logistics hubs in Ain Sebaâ and Zenata. (Writing by Nadim Kawach; Additional writing by Majda Muhsen; Editing by Anoop Menon) (
Zawya
6 hours ago
- Zawya
Cityscape Egypt 2025 launches first-ever international pavilion to welcome global developers
Cairo, Egypt: Cityscape Egypt 2025, taking place from September 24th to 27th, is introducing its first International Pavilion to actively support cross-border investment and regional exchange. This expansion is a strategic move that supports Egypt's national agenda to strengthen the real estate sector. The pavilion will provide a platform for global developers to connect directly with Egyptian investors and industry leaders, reflecting the growing trend of capital flowing between countries. Building on this international focus, Cityscape Talks will also feature a dedicated panel discussion covering top destinations in real estate. The session will be held on September 26 from 15:45 to 16:30 pm. The discussion will offer expert insights into where and how to invest, with Ahmed Abbassi, CEO and Founder of Greca Group, sharing his perspective on international market dynamics and what investors should look for. "We are incredibly proud to introduce the first International Pavilion at Cityscape Egypt 2025," said Robier Daniel, Cityscape Egypt Exhibition Director. "This new addition is a direct response to the market's evolution, where cross-border investment is becoming increasingly vital. The pavilion will serve as a dynamic hub, facilitating crucial connections between international developers and Egyptian investors, thereby creating new opportunities and further solidifying Egypt's position as a regional real estate leader." Welcoming a new wave of international participants, the pavilion will feature leading developers from across the globe. Among them are: DAMAC Properties, one of the leading luxury real estate companies in the UAE. Known for its upscale residential, commercial, and leisure properties, DAMAC is bringing to Cityscape a portfolio that reflects its strong presence in Dubai and other global markets, offering Egyptian and regional buyers access to high-end developments in attractive destinations. Greca Developments, representing Greece through the Greca Group, will also be featured in the International Pavilion. The company specializes in creating modern, energy-efficient homes across prime locations in Europe. With a focus on sustainable design and long-term investment value, Greca aims to tap into the growing interest among Egyptian investors in acquiring properties across the Mediterranean. From Oman, Wujha Real Estate brings a fresh perspective to the event. With a reputation for developing integrated communities that blend modern living with cultural authenticity, Wujha is showcasing its innovative residential offerings that appeal to both lifestyle buyers and investors looking for stable, long-term returns in the Gulf region. Keller Williams, through its Golden Visa Consultancy New Life Team, will also be featured in the International Pavilion. With over a decade of real estate experience across Istanbul, Bodrum, Athens, and Larissa, their team specializes in Golden Visa projects in Athens, Thessaloniki, and Larissa, offering Egyptian investors opportunities to secure prime properties. Cityscape's expansion into international territory comes at a time when the real estate landscape is undergoing a shift, one where borders are becoming more fluid, capital is more mobile, and investment strategies are more globally minded. With the International Pavilion, Cityscape Egypt 2025 cements its role not only as a showcase of the local market but as a regional hub for forward-looking investment.
