Egypt’s Blu EV Plans $100 Million Investment in Morocco’s Electric Mobility Market

Blu EV, an Egyptian electric mobility company backed by billionaire Naguib Sawiris, is preparing to enter the Moroccan market by the end of this year. The company, which specializes in converting motorcycles from gasoline to electric power, aims to invest $100 million in the country.

Speaking to Asharq Business, Blu EV co-founder and Chief Executive Officer Reda Baalbaki said that the expansion into Morocco is part of a larger plan to grow gradually across North Africa and the Middle East. The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions.

Their electric bikes cost around 30% less to operate than traditional fuel-powered motorcycles, Baalbaki said, highlighting the company’s focus on reducing pollution and offering low-cost mobility options.

Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family. 

Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years.