{"id":578967,"date":"2023-01-19T04:15:08","date_gmt":"2023-01-19T04:15:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/local-bmw-assembly-is-back-courtesy-of-global-auto-group\/"},"modified":"2023-01-19T04:15:08","modified_gmt":"2023-01-19T04:15:08","slug":"local-bmw-assembly-is-back-courtesy-of-global-auto-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/local-bmw-assembly-is-back-courtesy-of-global-auto-group\/","title":{"rendered":"Local BMW assembly is back, courtesy of Global Auto Group"},"content":{"rendered":"

AUTOMOTIVE-<\/strong><\/p>\n

<\/a> BMWs are now being assembled in Egypt for the first time in almost five<\/strong> y<\/strong>ears:<\/strong> Global Auto Group \u2014 the new agent and importer for BMW in Egypt \u2014 has begun assembling BMWs in Egypt, Chairman Fahad Alghanim said during a presser yesterday, according to Al Mal<\/a>. The company has started with the luxury SUV BMW X5 model at its Sixth of October plant and plans to start production of other models in the first half of 2023. Alghanim was speaking during the reopening of the factory yesterday, which was attended by BMW and Global Auto representatives.<\/p>\n

The new face of BMW:<\/strong> Global Auto Group is a joint venture between Kuwait\u2019s Ali Alghanim & Sons Automotive, Saudi Arabia\u2019s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group. BMW made it its local agent<\/a> in November, paving the way for its vehicles to be produced in Egypt following a five-year hiatus. The company plans to initially assemble 1.5k vehicles a year before expanding production and exporting them to other countries.<\/p>\n

INFRASTRUCTURE-<\/strong><\/p>\n

Masdar wants in on our desalination plants: <\/strong>UAE clean-energy giant Masdar has expressed interest in the Madbouly government\u2019s multi-bn USD water desalination program<\/a>, Aysha Al Aydaroos, the company\u2019s head of business support, clean energy, told state news agency MENA<\/a>.<\/p>\n

Masdar has established itself as a key player in our energy scene: <\/strong>The company is partnering with Hassan Allam Utilities and Infinity on a huge 10-GW wind farm \u2014 set to be one of the largest in the world \u2014 and a 2-GW green hydrogen plant<\/a> in the Suez Canal Economic Zone. Its clean energy projects in Egypt have helped provide over 25k homes with electricity, according to Al Aydaroos.<\/p>\n

INVESTMENT-<\/strong><\/p>\n

Saudi Obeikan\u2019s digital subsidiary sets shop in Egypt:<\/strong> Saudi Arabia\u2019s Obeikan Investment Group has opened a head office in Cairo for its digital subsidiary Obeikan Digital Solutions, it said in a press release (pdf)<\/a> yesterday. The company said it plans to forge several agreements with the government, including one with the Trade and Industry Ministry\u2019s Industrial Modernization Center (IMC) to \u201cdrive digital transformation in manufacturing companies and provide industry 4.0 solutions.\u201d<\/p>\n

M&A- <\/strong><\/p>\n

EEP finalizes acquisition of Selah El Telmeez:<\/strong> Egypt Education Platform (EEP)<\/a> has acquired a \u201cmajority stake\u201d comprising 71.4 mn shares in student lifeline Selah El Telmeez<\/a> for EGP 646 mn, Al Mal<\/a> reports, citing unnamed sources it says are in the know.<\/p>\n

How much of the company does EEP now own?<\/strong> Al Mal doesn\u2019t say how much of the company those 71.4 mn shares represent. EEP had been set to acquire a 51% stake in Selah El Telmeez, a source with knowledge of the transaction told Enterprise when news of the acquisition first broke in October<\/a>. If that remains the case, the transaction would value the education platform at nearly EGP 1.3 bn by our math.<\/p>\n

What about the SFE\u2019s stake buy? <\/strong>EEP is owned by EFG Hermes and the Sovereign Fund of Egypt (SFE). The SFE had been set to separately acquire a 5% stake as part of the transaction.<\/p>\n

ADVISORS-<\/strong> EEP tapped White & Case as legal advisor, while Adsero-Ragy Soliman and Partners was counsel to the SFE. Al Tamimi & Co had sell-side duties.<\/p>\n

SPORTS-<\/strong><\/p>\n

COMESA closes antitrust investigation into CAF brought on by our very own ECA:<\/strong> The Common Market for Eastern and Southern Africa\u2019s (COMESA) competition commission has closed an investigation into how the Confederation of African Football (CAF) and Lagard\u00e8re Group (and its subsidiary Sportfive EMEA) marketed rights to broadcast African football tournaments, in a decision published yesterday (pdf<\/a>). The move puts to rest a five-year legal battle and investigation that was prompted by the Egyptian Competition Authority (ECA) back in 2017<\/a>, who alleged at the time that CAF had breached COMESA antitrust regulation.<\/p>\n

Background: <\/strong>At the ECA\u2019s behest, COMESA had launched an investigation into how CAF awarded the media rights of African tournaments to Lagard\u00e8re. CAF had terminated the contract back in 2019. COMESA\u2019s competition commission continued investigating CAF\u2019s bidding process until December 2022, after COMESA\u2019s appeals board cleared CAF.<\/p>\n","protected":false},"excerpt":{"rendered":"

AUTOMOTIVE- BMWs are now being assembled in Egypt for the first time in almost five years: Global Auto Group \u2014 the new agent and importer for BMW in Egypt \u2014 has begun assembling BMWs in Egypt, Chairman Fahad Alghanim said during a presser yesterday, according to Al Mal. The company has started with the luxury […]<\/p>\n","protected":false},"author":1,"featured_media":578968,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,144,675,73,174,72,6420,7111,125,7128,6535,2556,370,162],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-bmw","tag-education","tag-egypt-education-platform","tag-enterpriseam","tag-global-auto-group","tag-infrastructure","tag-investment-watch","tag-ma-watch","tag-obeikan-investment-group","tag-selah-el-telmeez","tag-sovereign-fund-of-egypt","tag-sports","wpautop","entry"],"acf":{"mongo_id":"0037f212-748b-4ed8-bf4e-c261b8d8dc25","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/335.jpg","photo_position":"above","related_issue":[578942],"teaser":"","voice_url":""},"yoast_head":"\nLocal BMW assembly is back, courtesy of Global Auto Group - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/local-bmw-assembly-is-back-courtesy-of-global-auto-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local BMW assembly is back, courtesy of Global Auto Group\" \/>\n<meta property=\"og:description\" content=\"AUTOMOTIVE- BMWs are now being assembled in Egypt for the first time in almost five years: Global Auto Group \u2014 the new agent and importer for BMW in Egypt \u2014 has begun assembling BMWs in Egypt, Chairman Fahad Alghanim said during a presser yesterday, according to Al Mal. 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Global is a joint venture between Kuwait\u2019s Ali Alghanim & Sons Automotive, Saudi Arabia\u2019s Mohamed Yousuf Naghi Motors, and local firms Organi\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/497.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610313,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/19\/global-auto-group-signs-binding-framework-agreement-to-locally-assemble-cars\/","url_meta":{"origin":578967,"position":1},"title":"Global Auto Group signs binding framework agreement to locally assemble cars","author":"enterpriseam admin","date":"19 November 2023","format":false,"excerpt":"Global Auto Group began assembling BMW\u2019s in 2023 after a five-year hiatus","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/934.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581405,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/nigerian-fintech-flutterwave-enters-egypt\/","url_meta":{"origin":578967,"position":2},"title":"Nigerian fintech Flutterwave enters Egypt","author":"enterpriseam admin","date":"9 February 2023","format":false,"excerpt":"To act as an official payment service provided in the country","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/flutterwave-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613493,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars\/","url_meta":{"origin":578967,"position":3},"title":"JV plans USD 100 mn investment to localize the production of Geely cars","author":"enterpriseam admin","date":"16 January 2024","format":false,"excerpt":"The JV wants to begin production in 4Q 2024","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1031.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575362,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/two-investors-compete-for-majority-stake-in-bmws-egypt-agent\/","url_meta":{"origin":578967,"position":4},"title":"Two investors compete for majority stake in BMW\u2019s Egypt agent","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"M&A WATCH- Rival groups are competing to acquire a majority stake in BMW\u2019s Egypt dealership, Bavarian Auto Group (BAG), sources with knowledge of the matter told Enterprise. Kuwaiti outfit Al Ghanim Group and Bavarian chairman Farid El Tobgui have both submitted bids for the 99% stake held by a group\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/123.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577817,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/infrastructure-fest\/","url_meta":{"origin":578967,"position":5},"title":"Infrastructure-fest","author":"enterpriseam admin","date":"6 December 2022","format":false,"excerpt":"Government infrastructure projects are awesome: That was the main message delivered by the talking heads last night, who couldn\u2019t stop talking about the state\u2019s development plans. 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