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Egyptian billionaire businessman Mohamed Mansour aims to expand his involvement in green projects, particularly in the renewable energy and automotive industries, by establishing the Mansour Group, which will manufacture electric vehicles in the region.
His most recent decision follows the confirmation of the sale of his shares in social media businesses such as Twitter and Meta Platforms Inc., Facebook’s parent company, as part of a strategy to unlock untapped value from investments made years ago.
“We want to be a leader in that aspect, and I believe it’s going to be a great success,” Mansour said, remarking on the recent shift to electric vehicles, adding that he “understands what’s marketable and what’s not.”
The Egyptian billionaire, who has already made a number of renewable energy investments this year, has revealed that his company, Mansour Group, plans to produce 15,000 electric vehicles in Egypt over the next three to five years.
The company, which is the world’s largest GM dealer and Caterpillar Inc.’s fifth-largest distributor, will also import and market five Cadillac EV models by 2025.
Toward the end of 2021, Mansour Group signed a definitive agreement with U.S. automaker General Motors to investigate joint manufacturing of electric vehicles in Egypt, a move that GM International President Steve Kiefer described as critical to the automaker’s global growth strategy.
Mansour explained at the time that the memorandum requires the two companies to investigate production requirements, volumes, and government incentives that may be required.
His push to deliver electric vehicles and other EV projects comes at a time when access to electricity in Africa is at 30 percent and the use of electric cars in Egypt, which has a population of 104 million people, is extremely limited.
Infinity Group, a leading renewable energy company led by the Egyptian billionaire, partnered with the Africa Finance Corporation to acquire Lekela Power as part of his drive toward renewable energy on the continent, making Infinity the continent’s largest renewable energy company.
Infinity is Egypt’s sole provider of dedicated renewable energy solutions, cofounded in 2014 by Mansour and Nayer Fouad to develop clean energy solutions across multiple sectors and scales.
By 2024, Mansour is aiming for 10 percent of all his investments to be green-focused, up from two percent currently.
For nearly a decade, his company Infinity has been guiding Egypt and Africa toward a more sustainable future through meticulously developed, commercially viable energy solutions that provide everyone with efficient and sustainable access to energy resources.
