Arab Finance: Mansour Group signed a memorandum of understanding (MoU) with the Chinese group Tianneng to explore investment opportunities in battery manufacturing and energy storage solutions in Egypt, according to a statement.

Both sides will conduct a feasibility study for manufacturing lead-acid automotive batteries and lithium batteries for new energy vehicles (NEVs).

For his part, Minister of Investment and Foreign Trade Mohamed Farid emphasized that the deal aligns with the state’s efforts to localize lithium battery manufacturing, deepen local production, and increase the sector’s added value.

Farid highlighted Egypt’s strategic location, infrastructure, logistics networks, and industrial zones, including the Suez Canal Economic Zone (SCZONE), as key advantages for establishing battery manufacturing projects serving both the domestic market and export markets.

He asserted the government’s support for the project during the feasibility and site-selection phase, including facilitating industrial land allocation and preparation.