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Monday, 27 February 2023

UAE automaker M Glory Holding to establish EV factories across MENA

UAE’s M Glory wants to set up EV assembly plants across MENA: UAE-based car manufacturer M Glory Holding plans to establish three electric vehicle production factories across MENA in Egypt, the UAE, and Jordan with an investment ticket of USD 550 mn, WAM reports. The agreements signed come as part of a raft of industrial agreements signed between the UAE, Egypt, Jordan, and Bahrain at a meeting for the Industrial Partnership for Sustainable Economic Development worth USD 2 bn, the statement notes. The timeframe for the projects has not been disclosed.

The details: The company signed agreements with the Egyptian military’s Arab Organization for Industrialization and Jordan’s Design and Development Bureau as manufacturing partners, and signed an agreement with Bahrain’s Gulf Aluminium Rolling Mill (Garmco) to source aluminum sheets, the news agency notes. M Glory is planning to produce 40k electric crossover SUVs in the first three years of operation.

M Glory owns the UAE’s first EV assembly plant: Al Damani Auto — owned by M Glory — inaugurated the UAE’s first EV assembly facility last December. The AED 1.5 bn EV plant can currently assemble 10k cars annually but plans to raise the production capacity to 55k cars per year over the coming few years. The factory will likely produce two models of Al Damani DMV300, which has a battery capacity of 52.7 kWh and can cover over 405 km on a single charge.

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