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)
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