GV Investments, a major real estate and investment development company, has signed a strategic partnership agreement with Russian company Concordia, specializing in solar power generation, Invest-Gate reports.

The collaboration aims to establish a local factory to produce components for electric vehicles, including batteries.

In a bid to enhance and support electric mobility solutions in the Egyptian market, GV Investments, in alignment with the strong bilateral relations between Egypt and Russia, underscores the commitment of both parties to bolster economic cooperation and investment, particularly in the electric vehicle industry.

Moreover, the agreement was signed by Sherif Hamouda, Chairman of GV Investments, and Alexey Mehev, Chairman of the Board and Founder of Concordia.

Accordingly, GV Investments will provide comprehensive support to Concordia’s project, from allocating land to constructing the factory and facilitating production operations.

Furthermore, the planned factory will have a production capacity of up to 5,000 units, relying on 60% locally sourced components for electric vehicle feedstock. The project is oriented towards exporting to Gulf countries and North Africa, contributing to economic development in the region.

Production is scheduled to commence in the second half of 2024, a significant step towards sustainability, job creation, and innovation in the electric vehicle sector.

Hamouda stated, “We are proud to partner with Concordia, reflecting our strong commitment to enhancing strategic cooperation between Egypt and Russia. The development of the Tarboul Industrial City, housing the new factory, stands as a vital hub for innovation and technology, offering advanced technological capabilities and immense opportunities for investors across sectors.”

Mehev expressed confidence that the strategic partnership with GV Investments will be a turning point in developing Concordia’s brand.

Notably, the investment cost for the project is estimated at EGP500 bn, and it is expected to provide around 750,000 direct job opportunities.