Factories in Morocco are used to produce cars by manufacturers such as Citroen and Renault. AFP
Factories in Morocco are used to produce cars by manufacturers such as Citroen and Renault. AFP
Factories in Morocco are used to produce cars by manufacturers such as Citroen and Renault. AFP
Factories in Morocco are used to produce cars by manufacturers such as Citroen and Renault. AFP

Moroccan start-up in London sets sights on 'first African-designed electric car'


Tim Stickings
  • English
  • Arabic

A Moroccan start-up announced on Thursday that it hopes to build the “first African-designed electric vehicle” with help from the British motor industry.

Founders Mohammed Yehya El Bakkali and Mohammed Hicham Senhaji Hannoun hope to one day export battery-powered cars from Morocco to Europe, the Middle East and Africa.

Their company, Atlas, is working from a London headquarters in the hope of blending British expertise with what they say will be a “vibrant Moroccan character” for the vehicle.

Production in Morocco, which is already used as a manufacturing site by European vehicle producers such as Renault and Citroen, could start from 2026.

The National was told the new company is aiming to “flip the previous Moroccan car industry norm” by having an African-designed car exported elsewhere.

A separate initiative by another company, Neo Motors, has produced a prototype of a hydrogen-powered vehicle that was recently put on display for King Mohammed VI.

Atlas’s ambition is for a battery-powered vehicle that founders admit will require a wider electric charging infrastructure in Morocco.

They hope to team up with other companies to be part of the wider electric vehicle shake-up.

Atlas's chief executive Mohammed Yehya El Bakkli and chief technology officer Mohammed Hicham Senhaji Hannoun. Photo: Atlas E-Mobility
Atlas's chief executive Mohammed Yehya El Bakkli and chief technology officer Mohammed Hicham Senhaji Hannoun. Photo: Atlas E-Mobility

“We do not underestimate the magnitude, or the complexity of the undertaking required to help end the era of fossil-fuel-dependent mobility in Africa,” said the company’s chief technology officer Mr Senhaji Hannoun.

“Simply creating an all-electric vehicle on its own will not prove sufficient.”

Mr El Bakkali, Atlas’s chief executive, said Africa was “being ignored” by electric vehicle makers.

“However, no one should underestimate the continent’s determination to advance nor doubt its ability to produce world-leading zero-carbon-free technological solutions,” he said.

“In the field of transportation, these will prove pivotal to helping limit the rise in global temperatures to less than 2°C.”

The founders say they have “substantial private funding”. Company documents show former Jaguar Land Rover executive Phil Popham is one of Atlas’s shareholders.

The company says it has people with experience in the tech and vehicle industries and the financial sector lined up for an advisory board, as it looks to British car makers for expertise.

However, it says its eventual product will be “inspired by Moroccan design and identity”.

The Moroccan start-up says it hopes to be part of building a wider electric vehicle infrastructure. Getty Images
The Moroccan start-up says it hopes to be part of building a wider electric vehicle infrastructure. Getty Images

Morocco produced more than 400,000 cars last year, putting it in the world’s top 30, according to the International Organisation of Motor Vehicle Manufacturers.

Factories in Morocco include a plant near Tangier used by France’s Renault Group, which produces models such as the Sandero and Renault Express van.

A factory in Kenitra opened in 2019 and is preparing to double in size under plans announced last year by US conglomerate Stellantis, whose brands include Citroen and Opel.

It plans to make 50,000 small electric vehicles per year at the site, such as a scooter-like mobility vehicle called the Opel Rocks-e.

Global electric car sales could leap by 35 per cent this year, caused by rising fuel prices and the push to cut greenhouse gas emissions, according to a forecast by the International Energy Agency last month.

At the same time, high living costs and interest rates meant demand for new electric cars in the UK dropped by more than half in the 14 months to March, a survey by used-car business Auto Trader found.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
Saudi Cup race day

Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

Day 3 stumps

New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)

Pakistan require another 139 runs with 10 wickets remaining

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

Updated: May 25, 2023, 10:20 AM