Naguib Sawiris to invest US$150 million to replace tuk-tuks in Egypt with electric vehicles

Egyptian billionaire Naguib Sawiris announced in December that he is currently working on a project to replace existing tuk-tuks, which pose a huge social problem, with another vehicle that runs on an electric motor, through investments amounting to $150 million.

Sawiris also announced that the volume of his company’s investments in developing the Pyramids area has totaled $100 million.

He added that one of the most important of these projects is the renewal and replacement for the sound and light.

Among his other future mega projects in Egypt in the field of tourism and entertainment is establishing four hotels with investments ranging from 200-300 million dollars through Orascom Investment Company.

In an earlier statement during the fourth annual Hapi conference in October, subtitled “Empowering the Private Sector,” he said that “We plan to build two hotels on the North Coast, another in Cairo, and a hotel in the Pyramids area.”

He explained that Orascom Investment Company was directed to work in Africa, especially to invest in new and renewable energy, as it is one of the most attractive continents for investment in energy as a result of its high prices and increasing needs for electricity and energy.

Sawiris also said that they are studying the establishment of electric car charging stations in Africa.

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