Egyptian billionaire Ahmed El Sewedy backs $500 million deal to manufacture Abu Dhabi-based ROX electric vehicles in Egypt

Egyptian billionaire Ahmed El Sewedy's Ezz Elarab Elsewedy Investments has established ROX ESI Egypt, a joint venture with Abu Dhabi-headquartered global AI technology and electric vehicle company ROX, targeting up to $500 million in vehicle manufacturing and positioning Egypt as the primary production and logistics hub for ROX's expansion across the Middle East and Africa.

The agreement was signed on June 15, 2026, in Cairo in the presence of Dr. Mohamed Farid, Egypt's Minister of Investment and Foreign Trade, and Eng. Khaled Hashem, Egypt's Minister of Industry, representing ROX Abu Dhabi's first overseas investment since establishing its global headquarters in the UAE, and the first time the company has entered Egypt as a strategic shareholder rather than through a conventional importer or distribution arrangement.

ROX ESI Egypt will manufacture ROX's REEV range-extended electric vehicles at ESI's 100,000 square metre manufacturing complex in the Sixth of October industrial district, west of Cairo. Production is scheduled to begin in the first half of 2027, starting at approximately 3,000 vehicles annually and scaling to 5,000 within three years. Expansion plans under development would increase total annual capacity to more than 80,000 vehicles across future phases. Hisham Ezz El Arab, ESI chairman, told EnterpriseAM that the first made-in-Egypt ROX will roll off the production line in June 2027, with a local component ratio aligned to the Industrial Development Authority's 45 percent requirement.

The venture combines ROX's technology capabilities, patent portfolio and international market experience with ESI's manufacturing infrastructure, industrial resources and deep relationships within the Egyptian market. As of April 30, 2026, ROX had filed 1,718 patent applications worldwide with 816 granted, across intelligent chassis systems, range-extension technologies, smart cockpit platforms and intelligent driving systems. The company operates more than 100 showrooms across 40 countries and 50 service centres across 34 countries, and has been expanding its global footprint aggressively since opening its first UAE showroom in September 2024.

Ahmed El Sewedy, CEO of Elsewedy Electric and the driving force behind ESI, met Egyptian Prime Minister Mostafa Madbouly in May 2026 to outline the group's expansion plans, describing the automotive manufacturing initiative as one of the most significant new directions for the Elsewedy group's industrial portfolio. Elsewedy Electric, which he leads alongside his brother and non-executive chairman Sadek El Sewedy, is listed on the Egyptian Exchange with combined family stakes of approximately 51 percent. The group reported revenue of EGP 231.98 billion ($4.58 billion) in 2024, with operations spanning cables, energy solutions, digital infrastructure and now automotive manufacturing across 19 countries. The El Sewedy family's combined stake in Elsewedy Electric is currently valued at approximately $1.8 billion.

ROX founder and CEO Jarvis told EnterpriseAM that Egypt is the gateway to Africa in the company's expansion logic. Nigeria, Angola and Ghana have been identified as the first African markets to be served from the Egyptian production base, with a separate plant focused on right-hand-drive vehicle variants planned to open access to East and Southern Africa. The local production angle matters strategically in a market where supply chains remain vulnerable to currency pressures. Hisham Ezz El Arab framed local assembly as a supply stability play as much as a cost advantage. "And we'll give the market the same quality vehicle at a better price," he said.

The partnership is structured as a direct equity investment by ROX rather than a licensing or badge-assembly arrangement, a distinction that both ESI and the Egyptian government have highlighted as significant. Parent carmakers taking equity stakes in Egyptian manufacturing ventures is rare, with most international automotive brands opting for importer relationships that expose the Egyptian partner to foreign exchange risk on imported units. ROX ESI Egypt's equity structure changes that dynamic, aligning the incentives of a global technology manufacturer with Egypt's stated goal of developing a locally integrated automotive production ecosystem under its Automotive Industry Development Program, which targets 100,000 vehicles annually at 60 percent local content.

ESI already manufactures the Proton, a Malaysian economy vehicle, at its Sixth of October complex and handles third-party manufacturing for Chinese truck brand Jinbei. Distribution of ROX vehicles in Egypt will remain with Nour El Din El Sherif, the existing distributor, while the joint venture focuses on local production and regional export logistics. Vehicle specifications for the Egyptian market will include localised adaptations including heavier-duty air-conditioning, chassis tuning calibrated for Egyptian road conditions and Arabic voice control adapted to the Egyptian dialect.