Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
The push to localize our automotive industry continues: Elsewedy Electric sister company Elsewedy Capital and automotive group Ezz El Arab have launched a joint venture that will assemble petrol and electric vehicles, according to a statement (pdf) released yesterday. Ezz Elsewedy Automotive Factories (ESAF) will receive more than USD 15 mn of investment and aims to assemble 50k Proton-branded petrol cars and EVs annually in the “coming years,” the statement added. The firm will offer the vehicles “competitive prices” in the Egyptian market and export some abroad.
The project is already getting some support from the state’s push to localize the auto industry: The Madbouly government’s Egyptian Automotive Industry Development Program (AIDP) pushed forward with its plan to localize our automotive industry by signing three separate agreements between state bodies and the ESAF and two other local private sector companies to further cooperation on developing car assembly plants, according to a cabinet statement on Thursday.
ICYMI: Proton was said to have been exploring a partnership with state-owned El Nasr Automotives to explore the feasibility of producing cars in Egypt in 2020.
We also got an update on EGX-listed GB Corp’s Sadat City auto factory in the works: One of the other private-sector companies that signed framework agreements, GB Corp, is currently building an auto factory in Sadat City. The EGP 2 bn factory is currently under construction and is expected to reach an annual capacity of 50k cars, according to GB Corp’s chief manufacturing officer Ramez Adeeb, who attended the signing.
ALSO IN AUTOMOTIVE NEWS:
AfreximBank earmarks USD 1 bn for Africa’s auto makers, local players want in: The African Export-Import Bank (AfreximBank) plans to allocate a USD 1 bn package to support distributors and auto parts makers across the African continent, reports Al Borsa, quoting Afreximbank trade facilitation manager Gainmore Zanamwe’s comments to the Middle East News Agency. He noted that several local auto players filed requests to be among the recipients, and that the lender is studying all requests before giving its final approval before the end of the year.
