Raya teams up with Italy’s Piaggio to manufacture, assemble light transport vehicles in Egypt

INVESTMENT WATCH- Raya partners with Italy’s Piaggio on EGP 100 mn tuk-tuk assembly plant: Raya Advanced Manufacturing Company will develop a EGP 100 mn light transport vehicle assembly plant in Egypt in partnership with Italy’s Piaggio, the company said in bourse filing on Tuesday (pdf). Under the new partnership, Raya will build a 10,000 sqm factory and establish after-sale services centers nationwide. The new plant is scheduled to begin production by mid-2018. Word of the Piaggio looking to assemble in Egypt emerged on Sunday, with reports that representatives of the Italian motor vehicle manufacturer had been looking for partners and financing for the project.