Arab Finance: Raya Auto, a subsidiary of Raya Holding, will invest no less than $50 million to establish an electric vehicle (EV) assembly plant in Egypt in 2026, CEO Mohamed El Naggar told Asharq Business
The project is set for implementation in partnership with a Chinese company, according to El Naggar.
He noted that 50% of the project will be self-financed, while the remaining investment will be via a bank loan.
The company targets investing $25 million to develop 30 fast charging stations in Egypt over the next three years.
In 2024, the company's sales doubled to EGP 1.3 billion, with it targeting sales exceeding EGP 2.5 billion in 2025.
Furthermore, the CEO unveiled plans to enter the Saudi market to attract hard currency.
The company is exploring establishing an EV assembly plant in the Kingdom within the next three years in partnership with a Saudi firm.