Raya Holding is looking for an Indian or Chinese van manufacturer in search of a seven-seater passenger van after the Industrial Development Authority’s decision to stop handing out licenses to tuk-tuk manufacturers and assemblers. Raya CEO Medhat Khalil said he expects the agreement to materialize by the end of the year. The news comes as the company told the EGX (pdf) it was cutting its forecast for tuk-tuk production to 20k from 200k.

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