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Organi Group is going to increasingly focus on expanding its presence in the automotive and tourism sectors over the next five years, with CEO Essam Organi telling Asharq Business that the expansive group of companies is planning to invest USD 1 bn in the two sectors by 2030. The big-ticket investment figure will be split evenly between the two sectors, Organi added.
The tourism sector’s allotted USD 500 mn will go towards adding 20k rooms to the group’s hotel portfolio, which currently stands at 4k rooms across 11 hotels in Egypt. The company’s automotive investment plans are a little more vague, with Organi referencing a plan to up auto exports to 30k.
Organi’s comments followed the inauguration Auto Mobility’s new USD 100 mn assemblyplant for Chinese automaker Geely-branded vehicles, which was attended by much of the cabinet economic team, according to a cabinet statement.
Auto Mobility? The company is a joint venture between Kuwait’s Ali Alghanim & SonsAutomotive, Saudi’s Mohamed Yousuf Naghi Group, and Egypt’s Organi Group. The trio behind Auto Mobility — along with local firm Al Safi Group — teamed up in late 2022 to establish Global Auto Group, the local agent of BMW and Mini.
With the official opening of the factory, came news of two new locally-assembled models to soon hit the market, with the Chinese auto giant’s Emgrand 7 and Coolray models to be start being delivered to customers in February, Automobility Managing Director Osman Abdel Moneim announced at a press conference announcing the launch attended by EnterpriseAM yesterday.
We heard more concrete production numbers, with the factory said to start with an annual production capacity of 10k vehicles and features Egypt’s first flexible dual-model production line for sedan and SUV models, Geely Auto Group Chairman Song Jin said. The plant introduces laser welding technology and other high-end manufacturing standards, with 14 major components being developed locally to reach a 45% local component ratio that is planned to increase further.
But this is just the start, especially when it comes to exports, with the company aiming to export 30k locally-assembled Geely vehicles during the current phase over an unspecified timeframe while also meeting local market demand, the Chinese group’s head said one day before inaugurating the facility.
