{"id":585486,"date":"2023-04-19T00:00:00","date_gmt":"2023-04-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/19\/el-nasrs-search-for-an-ev-partner-continues\/"},"modified":"2023-04-19T00:00:00","modified_gmt":"2023-04-19T00:00:00","slug":"el-nasrs-search-for-an-ev-partner-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/19\/el-nasrs-search-for-an-ev-partner-continues\/","title":{"rendered":"El Nasr\u2019s search for an EV partner continues"},"content":{"rendered":"

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

<\/span>Negotiations continue for EV development at El Nasr Automotive:<\/span> El Nasr Motors is<\/span> currently negotiating with Indian and Chinese firms to partner on the development of a locally-made electric car, <\/span>Al Borsa<\/a><\/span> reports Mohamed El Saadawy, chairman of the Holding Company for Metal Industries, as saying.<\/span><\/p>\n

The long search:<\/span> The company\u2019s previous attempts to choose a foreign partner for the project have been unsuccessful, with talks with Chinese firm Dongfeng <\/span>falling through<\/a><\/span> in 2021. The government has been <\/span>searching for a replacement partner<\/a><\/span> for the past 18 months.<\/span><\/p>\n

The latest tally from the expat car import scheme: <\/span>The Finance Ministry has raised <\/span>USD 500 mn from the <\/span>expat car import scheme<\/a><\/span> launched in November to bring in new foreign currency, it said in <\/span>a statement<\/a><\/span> yesterday. Finance Minister Mohamed Maait added that around 100k expats have registered online while 800 cars bought through the scheme have been released.<\/span><\/p>\n

That\u2019s 20% of the target set by the ministry<\/span>, which originally envisioned the initiative bringing in <\/span>USD 2.5 bn<\/a><\/span>. Following a lackluster response, the government <\/span>extended the scheme<\/a><\/span> for three months and tweaked the rules to encourage more people to purchase vehicles.<\/span><\/p>\n

14 May is deadline day:<\/span> Expats have 26 days to sign up to the scheme and pay the fees to the Finance Ministry. There are no plans to extend it beyond 14 May, Maait said.<\/span><\/p>\n

EDUCATION-<\/span><\/p>\n

CIRA board approves new loan to repay EBRD:<\/span> The board of EGX-listed education <\/span>services <\/span>provider CIRA Education has approved plans to apply for a new loan to meet debt repayments to the European Bank for Reconstruction and Development (EBRD), it said in a <\/span>bourse filing (pdf)<\/a><\/span> yesterday. CIRA <\/span>obtained an EUR 25 mn loan (pdf)<\/a><\/span> from the European lender in 2019 to establish a university in Nasser City, Assiut. <\/span><\/p>\n

Rising rates weighing on CIRA:<\/span> The company said the decision was made after the Central Bank of Egypt <\/span>raised its lending rate<\/a><\/span> to 19.25%. Rising interest rates caused the company\u2019s <\/span>financing costs to double y-o-y<\/a><\/span> between September and February and contributed to a 25% fall in net income. Central bank rates have increased 1k bps over the past year.<\/span><\/p>\n

INDUSTRY-<\/span><\/p>\n

Methanex to supply SMD with methanol: <\/span>Canadian-Egyptian methanol producer <\/span>Methanex Egypt will supply methanol to the Suez Methanol Derivatives Company\u2019s (SMD) <\/span>facility in Damietta<\/a><\/span>, it said in a <\/span>statement (pdf)<\/a><\/span> last week.<\/span><\/p>\n

Aswan-Dam-powered green ammonia? <\/span>State-owned chemicals maker Kima could <\/span>convert one of its old factories into a green ammonia facility powered by the Aswan High Dam, CEO Emad El Din Mostafa told <\/span>Al Mal<\/a><\/span>. <\/span><\/p>\n

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

French finance for wastewater treatment plant:<\/span> The French Development Agency <\/span>(AFD) will provide EUR 52 mn in financing to expand the wastewater treatment plant in Helwan, the Housing Ministry <\/span>said<\/a><\/span> Friday. The project will<\/span> more than triple <\/span>the capacity of the plant to 800k cubic meters per day. <\/span><\/p>\n

REGULATION-<\/span><\/p>\n

New regs for precious metals funds: <\/span>The Financial Regulatory Authority has issued<\/span> new regulations governing funds investing in precious metals as part of efforts to diversify investment and saving options. You can read the regulations in full <\/span>here<\/a><\/span>.<\/span><\/p>\n

TRANSPORT-<\/span><\/p>\n

EgyptAir to increase flights to the US of A: <\/span>EgyptAir will begin operating three weekly <\/span>direct flights between Cairo and Newark Liberty International Airport in New Jersey from 3 June, <\/span>it said<\/a><\/span> Friday.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

El Nasr has been searching for a partner for years<\/p>\n","protected":false},"author":1,"featured_media":585487,"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":[111,144,402,88,101,73,880,250,72,356,76,2588,7196,7111,3451,705,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-cira-education","tag-debt-watch","tag-development-finance","tag-education","tag-egyptair","tag-el-nasr-automotive","tag-enterpriseam","tag-evs","tag-financial-regulatory-authority","tag-french-development-agency","tag-industry","tag-infrastructure","tag-methanex","tag-petrochemicals","tag-transport","wpautop","entry"],"acf":{"mongo_id":"6a37d796-8ad7-46c4-8c71-90b7b467503d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/753.jpg","photo_position":"below","homepage_title":"","full_issue_title":"El Nasr Automotive in talks with Chinese, Indian firms over local EVs. 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The upcoming agreement for the assembly of the EVs will be \u201cvery different\u201d from the\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553488,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/were-set-to-have-a-new-ev-partner-within-weeks\/","url_meta":{"origin":585486,"position":1},"title":"We\u2019re set to have a new EV partner within weeks","author":"enterpriseam admin","date":"6 December 2021","format":false,"excerpt":"El Nasr\u2019s EV speed dating pool is down to three Chinese partners: State-owned El Nasr Automotive will begin meeting today with three Chinese companies it has shortlisted as its potential partner on locally assembling electric vehicles, Public Enterprises Minister Hisham Tawfik told CNBC Arabia (watch, runtime: 1:44). The ministry has\u2026","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\/2021\/12\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547236,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/el-nasr-to-sign-contracts-next-month-with-chinas-baic-group-to-jointly-manufacture-evs-in-egypt\/","url_meta":{"origin":585486,"position":2},"title":"El Nasr to sign contracts next month with China\u2019s BAIC Group to jointly manufacture EVs in Egypt","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"We finally have a name: BAIC Group is El Nasr\u2019s partner of choice in manufacturing electric vehicles. El Nasr Automotive has signed an MoU with Chinese car manufacturer BAIC Group to produce EVs in Egypt and is planning to sign final contracts by the end of July, a source with\u2026","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\/2020\/9\/cars-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549130,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/el-nasr-could-sign-final-contracts-to-produce-evs-next-month\/","url_meta":{"origin":585486,"position":3},"title":"El Nasr could sign final contracts to produce EVs next month","author":"enterpriseam admin","date":"5 September 2022","format":false,"excerpt":"It only took 3+ years, but El Nasr Auto might finally be ready to finalize contracts for EV assembly: El Nasr Automotive expects to sign final contracts to produce electric vehicles with an unnamed Chinese company in mid-October, Al Borsa reported yesterday, citing an anonymous source at the company. The\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586561,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/ashok-leyland-could-partner-with-el-nasr-auto-on-evs\/","url_meta":{"origin":585486,"position":4},"title":"Ashok Leyland could partner with El Nasr Auto on EVs","author":"enterpriseam admin","date":"14 May 2023","format":false,"excerpt":"El Nasr Auto has been looking for a new foreign partner since talks with Dongfeng ended in 2021","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\/5\/720.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542780,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/korean-firm-set-to-produce-parts-for-locally-assembled-ev-microbuses\/","url_meta":{"origin":585486,"position":5},"title":"Korean firm set to produce parts for locally assembled EV microbuses","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Korean auto firm set to sign agreement on locally assembled EV microbuses this week: State-owned Engineering Automotive Manufacturing Company (EAMCO) is set to sign a cooperation agreement with South Korean auto parts maker Myoung Shin to locally produce electric microbuses \u201cby the end of the week,\u201d Hapi Journal quotes Public\u2026","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\/2022\/1\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=585486"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585486\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/585487"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=585486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=585486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=585486"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=585486"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=585486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}