Orascom Investment Holding CEO Naguib Sawiris stated his willingness to invest $100 million in Morocco if the right investment opportunity arises, reported Egyptian media outlet Egypt Independent.
The Egyptian billionaire announced his next move on the sidelines of the African Business Forum, Choiseul in Casablanca, added the same source.
“We will enter the Moroccan market, in the coming years, if we find an open field in which there is no great competition.. But we will not enter into a project that requires investments of more than $100 million as a first stage,” he said, according to the same source.
Regarding the sectors in which he is considering investing, Sawiris stated that the emphasis will be on technology, particularly charging electric cars.
“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 further stated.
Sawiris described investing in electric car charging stations in Africa as “the future”, and cited negotiations he is holding with several African governments to take the lead in this field.
“We have a company that invests in alternative solar energy, and Morocco has an important opportunity in this field. 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,” added Sawiris, according to the same source.
Orascom Investment Holding CEO stated that he will meet with Morocco’s Minister of Investment, but did not specify the time, added the same source.
Since its inception in 2011, Orascom Investment Holding (OIH) has been operating as a holding company with investments primarily in the telecom, media, and technology sectors, according to the company’s website.
As the industry matured, OIH shifted its focus from being solely a telecom and technology firm to an Investment Holding company operating in sectors where it sees opportunities for high growth, transformation, and community impact.
OIH seeks projects and sectors that will have a significant impact on the development of the countries in which it invests, according to the same source.
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