Egypt’s sovereign fund in talks with ‘major’ private partner to manufacture EVs

The Sovereign Fund of Egypt (SFE) is in talks with an unnamed “major” private sector company to set up a JV to manufacture electric cars in eastern Port Said, Suez Canal Economic Zone (SCZone) head Yehia Zaki said, without providing further details. This came after the SFE held a meeting with representatives from the SFE and a group of private sector companies interested in manufacturing projects in the canal governorate. Among the projects SCZone authorities are touting is an industrial zone in the area dedicated to metal casting as the world’s largest castings manufacturer, China’s Wuhan, is falling behind on production amid the covid-19 outbreak.