Egypt ready to offer ‘Out-of-the-Box' incentives to localize EV industry: PM
Madbouly highlighted the ongoing negotiations with major international companies specializing in EVs, batteries, and components. This aligns with the state's efforts to provide all possible incentives to support localization.
His remarks came during a meeting with several ministers and officials, including Minister of Investment and Foreign Trade Hassan El-Khatib and Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir.
Waleid Gamal El-Dien, the Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), also attended the discussions.
On his part, El-Wazir pointed out that wire harness production in Egypt is a highly distinguished and widely exported industry, as well as car lights and seats that are exported to European countries.
He rolled out plans to attract manufacturers for EV batteries and the car body frames in Egypt.
Meanwhile, El-Khatib listed the major EV battery producers and how to attract these companies to localize their manufacturing in Egypt and export to countries in the region.
The minister highlighted the government's goals and the incentives offered to targeted companies to localize the EV industry.
Gamal El-Dien said the batteries account for around 50% of an EV's cost, adding that the SCZone initiated talks with key battery manufacturers and is engaging relevant ministries to support the government's efforts.
Minister of Finance Ahmed Kouchouk, who joined the meeting via video conference, affirmed his readiness to cooperate with his fellow relevant ministers to develop various incentives to attract the largest EV manufacturers.
Kouchouk emphasized highly flexible negotiations with potential partners.
© 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
11 minutes ago
- Zawya
RAKEZ partners with Rana Group to set up Erisha Smart Manufacturing Hub in Ras Al Khaimah
New Delhi : Ras Al Khaimah Economic Zone entered into a landmark partnership with Indian construction giant Rana Group to establish Erisha Smart Manufacturing Hub – a groundbreaking initiative that aims to revolutionise the region's industrial and sustainability sectors. The collaboration is set to pave the way for the operational expansion of the Group's EV subsidiary Erisha E Mobility in the Middle East and Africa, while strengthening its existing business in India. Erisha Smart Manufacturing Hub will be a state-of-the-art facility spanning 15 million ft2, with an expansive total construction area of approximately 25 million ft2. The hub will support over 150 industries, focusing on pioneering technologies such as electric and hydrogen vehicle production, renewable energy, EVTOL (electric vertical take-off and landing) aircraft, and semiconductor manufacturing. Through this innovative Hub, the company aims to create a sustainable and technologically advanced ecosystem, seamlessly integrating industrial, residential, and commercial spaces. It will house a wide range of facilities, including hospitals, medical colleges, shopping complexes, hypermarkets, warehouses, office spaces, community centres, banks, and financial institutions. The mixed-use development will span 335 acres and is expected to attract approximately USD 10 billion in investment. Once operational, it will contribute an estimated USD 5-6 billion to the UAE's GDP and generate around 4,000 jobs in Ras Al Khaimah. Erisha E Mobility Chairman and Managing Director Dr Darshan Rana commented, 'We are thrilled to partner with RAKEZ and bring Erisha Smart Manufacturing Hub to life. This project will be at the forefront of the green energy revolution, contributing significantly to the UAE's net zero ambitions and creating a self-sustainable future. Our goal is to set new benchmarks in sustainable industrialisation, driving innovation while supporting the global transition to cleaner energy solutions.' RAKEZ Group CEO Ramy Jallad said, 'Ras Al Khaimah continues to establish itself as a fertile base for technological innovation and sustainable development. With its robust infrastructure, strategic location, and dynamic business environment, the emirate is well-positioned to support forward-thinking initiatives like Erisha Smart Manufacturing Hub. While this integrated Hub will drive economic diversification, it will also create thousands of new jobs, promoting long-term growth and reinforcing Ras Al Khaimah's leadership in green energy and advanced manufacturing.' This partnership underscores a shared commitment to driving sustainability, innovation, and economic growth. RAKEZ, with its world-class infrastructure and commitment to fostering business success, provides the ideal platform for Erisha E Mobility's global expansion, ensuring that the Hub will be a catalyst for progress in the UAE and beyond.
Zawya
11 minutes ago
- Zawya
Egypt, Russia discuss localising electrical systems, equipment manufacturing
Egypt's Electricity Minister Mahmoud Essmat met with Alexei Kononenko, Vice President of AtomAstroyExport and Project Manager of the El Dabaa Nuclear Power Station, along with his accompanying delegation, to discuss strengthening cooperation, enhancing coordination, and advancing joint efforts to increase the share of locally manufactured components in joint projects. The talks focused on transferring and localising selected industries that supply equipment for nuclear power plants—industries already engaged in projects across several countries in the Middle East. Discussions also reviewed the latest progress in executing the El Dabaa Nuclear Power Plant, confirming that works are proceeding according to the approved schedule and timelines. Attention was given to the role of manufacturing departments as vital facilities within the project, including the production of components for the reactor building's inner containment vessel—a key technical and engineering element of this strategic national undertaking. The meeting highlighted ongoing local manufacturing of several major components, including the cooling system connections, which are now produced entirely in Egypt. Egyptian workers currently make up around 80% of the total workforce on the project, reflecting sustained efforts to enhance domestic participation. Officials also explored new areas of cooperation with entities such as the Arab Organization for Industrialization to further expand the localisation of industry and the domestic production of electrical equipment. The talks addressed steps already taken to localise the manufacturing of a range of electrical systems, equipment, and components, as well as ways to expand training programmes to prepare the workforce required for plant operations. These training initiatives are being implemented both domestically and abroad. The meeting concluded with an outline of measures to be taken under the framework of ongoing Egyptian–Russian coordination, with close cooperation between on-site teams. Progress reviews and future requirements were discussed, reaffirming the shared commitment to completing the strategic project in line with agreed plans and schedules. Preparations are also under way for the installation of the turbine generator for the first nuclear unit, which is expected to arrive at the El Dabaa site before the end of this year. Minister Essmat stressed that there are presidential directives to intensify efforts to transfer technology and localise the manufacturing of electrical systems, equipment, and components as part of Egypt's peaceful nuclear energy programme for electricity generation. He noted that Egypt has many qualified entities capable of contributing to this field, highlighting the ongoing partnership and coordination with the Russian side. He further confirmed that implementation of the El Dabaa project is progressing as planned, with continuous follow-up and strong commitment from all parties in Egypt, Russia, and participating international companies to adhere to the project's timetable, complete its various phases, and connect the plant to the national grid on schedule. Essmat underscored the special significance of the El Dabaa plant within Egypt's peaceful nuclear energy programme and its alignment with the national energy strategy. This strategy emphasises an energy mix that diversifies electricity generation sources, expands reliance on new, renewable, and clean energy, and reduces fuel consumption.
Zawya
3 hours ago
- Zawya
42% of children in META region dream of blogging careers: survey
About 42% of children surveyed from the Middle East, Turkiye and Africa (META) region would like to become bloggers in the future finds a survey. The seriousness of their intentions is evidenced by the fact that 44% of them are already developing their own blog or working on content for the future, said the Kaspersky research. A dream of becoming popular is the most appealing for young people – 53% of children surveyed named it when explaining their wish to become a blogger. 46% of young respondents said that they simply enjoy creating video content. Interestingly, 36% stick to the view that blogging is a way to make money without much effort, while 32% are prone to choosing blogging because it's trendy and cool. Only 16% of parents surveyed expressed a clear desire for their children to pursue a career as a blogger. For 44% this is acceptable only when the child grows up. And a quarter (25%) express unwillingness to have a blogging future for their children. Despite this, the majority of parents (74%) support their children in their blogging endeavors or at least do not mind it. 'Regardless of parents' opinions on blogging, creating, maintaining, and promoting a blog is a difficult task, which requires a wide range of skills that could be useful for a child's future career. It can help young people to discover their creativity and ways to express themselves. Blogging also provides mom and dad with valuable insights into their children's lives, bringing families closer together,' comments Seifallah Jedidi, Regional Head of Consumer Channel for the Middle East, Türkiye and Africa at Kaspersky. 'Parents' support helps young people take the first step to realizing their ambition with confidence and, what's important – with cybersecurity in mind.' Kaspersky has prepared top tips for parents and young bloggers to consider, to help them step safely and securely into the exciting new world of blogging: A social media account is a blogger's main tool, so protecting it should be the first priority. Be sure to set up two-factor authentication – it's a reliable feature that can help to keep a profile protected from compromising and hijacking. Creating a strong password is essential and not as difficult as it seems. Importantly, it must be unique – it's not recommended to reuse a password from an email or social media or any other account. Ensure the young blogger understands privacy issues – which information can be shared and what should be kept private. For example, public sharing of IDs, tickets and other documents, is not a good idea. It's also advisable to keep geotags private and not share information about current location and travel plans. As a blogger, a child will come across a lot of different people. Discuss at the beginning what topics can be communicated with strangers and what information they should never share online. Not all followers are friendly or legitimate users, so a young blogger should be prepared for undesirable users contacting them. The best solution would be to stop responding to messages or block any suspicious users. With the right tools, such as Kaspersky Premium, parents can also effectively safeguard their children against cyber threats. *The survey was conducted by Toluna research agency at the request of Kaspersky in 2023-2024. The study sample included 10,000 online interviews (5000 parent-child pairs, with children aged 3 to 17 years) in 5 countries: Türkiye, South Africa, Egypt, Saudi Arabia, and the UAE. -TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
