Al-Manaseer Reveals Retraction from Electric Vehicles Project Despite $80 Million Agreement

Al-Taj News – Businessman Eng. Ziad Al-Manaseer revealed his group’s decision to retract from moving forward with an electric vehicles project, for which an agreement worth $80 million had been signed in 2024.

Al-Manaseer explained in an interview with “CNN Business Arabic” that this decision came as a result of a careful review of the project’s economic feasibility, in light of rapid technological shifts, major challenges, and intense competition witnessed by the electric vehicle manufacturing sector globally.

Changing market conditions and production requirements prompted the group to reconsider the proposed investment concept, while Al-Manaseer did not disclose the volume of previous expenditures or the financial obligations resulting from this retraction, nor whether the agreement has been final canceled or will be subject to later re-evaluation.

In contrast to withdrawing from the investment in electric vehicles, the Manaseer Group turned its compass toward new strategic industrial projects in Jordan, focusing on the fertilizer, mining, and energy sectors.