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Rabat – Naguib Sawiris, CEO of Egypt-based Orascom Investment Holding, expressed his interest in investing $100 million in Morocco should the opportunity arise.
Speaking on the sidelines of the African Business Forum held in Casablanca, the Egyptian billionaire said that his holding “will be entering the Moroccan market” in the coming years, according to converging news reports.
“We will enter the Moroccan market, in the coming years, if we find an open field in which there is no great competition,” Sawiris stressed, adding that his holding “ will not enter into a project that requires investments of more than $100 million as a first stage.”
Sawiris revealed that his holding is looking into investing in Morocco’s technology sector, especially activities relating to electric vehicle charging stations, a report from Egyptian media explains.
Noting the opportunities in Morocco in the technology industry sector, the billionaire said that “Morocco is preparing to build a factory for batteries for electric vehicles.”
“If the concerned authority adds to this investment opportunity the right to establish charging stations for these cars, we are very interested in entering this project,” he added.
“We have a company that invests in alternative solar energy, and Morocco has an important opportunity in this field,” Sawiris highlighted. “The same applies to establishing food industries projects, such as the sugar factory we own and run in Egypt, in addition to the very active tourism and hotel sector.”
He specified that his firm does not have a commitment to a specific project yet, despite all the “important opportunities.”
Sawiris further announced that he will hold a meeting with the Moroccan Minister of Investment on the upcoming investment opportunity.
Reports also indicate that Sawiris is already in talks with a number of African governments to invest in the technology sector, saying that he believes that investing in electric car charging stations in Africa is the future.
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