UAE-based automotive manufacturer M Glory Holding has recently announced the launch of a large manufacturing project with an investment of $550 million.
The project entails establishing three electric vehicle (EV) plants in the UAE, Jordan and Egypt.
Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.
M Glory Holding has also signed a memoranda of understanding with the Jordan Design and Development Bureau and Egypt’s Arab Organisation for Industrialisation as manufacturing partners, and with Bahrain’s GARMCO to supply aluminium sheets.
The agreement to establish the EV plant is part of industrial agreements exceeding $2 billion that have been signed recently at the third Higher Committee meeting of Industrial Partnership for Sustainable Economic Development, a regional initiative for large projects involving the UAE, Egypt, Jordan and Bahrain.
Twelve agreements across 9 industrial projects were signed between companies from the UAE, Egypt, Jordan and Bahrain, according to a press statement issued by the UAE’s Ministry of Industry and Advanced Technology.