Plans to revive El Nasr Automotive not going so well, negotiations stalled

If there’s one company that has captured the attention of a certain generation of local-press journalists, it’s Nasser-era pet project El Nasr Automotive, where “a source” tells Al Mal that negotiations with potential foreign partners to restart operations at El Nasr have stalled. Shocking. To hear the local press tell it, the defunct national car manufacturer had plans to begin operations by June. El Nasr needs EGP 300-500 mn to modernize its WWII-era equipment, they add. The company was in talks with Chinese companies last year to secure USD 20 mn in funding needed to revive the company.