Sawiris, Egyptian Billionaire to Invest $100M in Moroccan Tech Sector

Egyptian billionaire, Naguib Sawiris, CEO of Egypt-based Orascom Investment Holding, has expressed his interest in investing $100 million in the Moroccan tech sector once the opportunity arises.

The billionaire stated on the sidelines of the African Business Forum in Casablanca that his company “will be entering the Moroccan market” in the coming years.

“We will enter the Moroccan market in the coming years if we find an open field with little competition,” he added that his company “will not enter into a project that requires more than $100 million in investments as a first stage.”

Sawiris revealed that his company is considering investing in Morocco’s technology sector, particularly in activities involving electric vehicle charging stations.

Acknowledging Morocco’s potential in the technology sector, the billionaire stated, “Morocco is preparing to build a factory for batteries for electric vehicles.”

Also Read: MOROCCO SET TO BECOME KEY SUPPLIER OF EV BATTERIES

“We are very interested in entering this project if the concerned authority adds the right to establish charging stations for these cars to this investment opportunity,” he added.

“We have a company that invests in alternative solar energy, and Morocco has a significant opportunity in this field,” said Sawiris. “The same is true for establishing food industries projects, such as the sugar factory we own and operate in Egypt, as well as the very active tourism and hotel sector.”

Despite all of the “important opportunities,” he stated that his company was yet to commit to a specific project.

Sawiris stated that he will meet with the Moroccan Minister of Investment to discuss the upcoming investment opportunity.

According to reports, Sawiris is already in talks with several African governments about investing in the technology sector, and he believes that investing in electric car charging stations in Africa is the way of the future.