Developing the mobility industry and assisting sustainability measures in the UAE capital are the goals of a preliminary agreement struck by the Abu Dhabi Department of Economic Development and Egypt's Valeo.According to the cooperation, Valeo will be able to design and produce parts for electric and self-driving cars in the emirate, the department announced.
Along with expanding existing development areas, it also seeks to support the local electric car start-up scene and the community that develops industrial solutions.Arafat Al Yafei, executive director of the department's Industrial Development Bureau, and Tamer Aly, general manager of Valeo Egypt, signed the contract in Abu Dhabi in the presence of Rashed Al Blooshi, the undersecretary of the division.
According to Mr. Al Blooshi, the project is in line with the Abu Dhabi Industrial Strategy, which aims to strengthen the emirate's position as the most competitive industrial hub in the region.
“This co-operation to develop smart mobility and set up a technology hub for electric, autonomous car components in Abu Dhabi is in line with our initiatives to ensure that growth, sustainability, and advanced technologies go hand in hand in all aspects of our socio-economic development,” he said.
Utilizing cutting-edge technology and data-driven strategies to design effective, sustainable, and user-centered transportation systems is known as smart mobility. According to statistics from Spherical Insights & Consulting, the global smart mobility market will rise at a compound annual growth rate of more than 21%, from $48.54 billion in 2022 to roughly $404 billion by 2032.
Mordor Intelligence projects that the global market for self-driving cars will grow from $33.48 billion this year to $93.3 billion by 2028, or a CAGR of roughly 23%.