Blue Shark (Shark Gulf Technology) is expanding its presence in global markets such as the Middle East, Southeast Asia, and North Africa through various consortiums in the region.
Shark Gulf Technology recently signed a strategic business agreement with the royal family of Ras Al Khaimah in the UAE and SJQ Investments LLC (SJQ), led by Malaysia’s major manufacturing group EP Manufacturing Bhd (EPMB). The agreement aims to increase the production and distribution network of electric scooters in several countries across the Middle East, Southeast Asia, and North Africa.
The three parties will initiate joint investment to construct the Blue Shark’s third gigafactory in Ras Al Khaimah, one of the seven emirates of the UAE. SJQ will invest $50 million as a financial investor (LP) to support the electric scooter business of Blue Shark in the Southeast Asian market and accelerate the electrification of the motorcycle sector.
Blue Shark’s first gigafactory, the world’s first of its kind, is set to commence construction in the fourth quarter of this year in the Qingdao West Coast New Area, with operational kickoff scheduled for the end of next year. The Qingdao first gigafactory will have an annual production capacity of 1 million units and will supply markets including South Korea, Europe, and East Asia. The second gigafactory will be co-invested and constructed by EPMB in Malaysia.
The second gigafactory, which will cover the entire Southeast Asian market targeting the 10 ASEAN countries, is expected to be completed and operational by 2024. The third gigafactory is planned to be completed in Ras Al Khaimah, UAE, and will later address demand in the Middle East, India, Pakistan, Bangladesh, and some North African countries.
In addition, Shark Gulf Technology has officially established the CIS Pride ESG fund in Abu Dhabi to support Blue Shark’s entry into the Southeast Asian market through special financing leasing. They have achieved a funding goal exceeding 75% of the initial financing target, securing $175 million (approximately 250 billion won). Consequently, they have expanded the special fund’s second phase target to $500 million (approximately 720 billion won), with fundraising expected to be completed by the third quarter of next year.
Lee Sang-jin daedusj@autodiary.kr