{"id":599186,"date":"2019-06-20T04:04:34","date_gmt":"2019-06-20T04:04:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/toyota-snubs-saudi-arabia\/"},"modified":"2019-06-20T04:04:34","modified_gmt":"2019-06-20T04:04:34","slug":"toyota-snubs-saudi-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/toyota-snubs-saudi-arabia\/","title":{"rendered":"Toyota snubs Saudi Arabia"},"content":{"rendered":"

Toyota snubs Saudi Arabia:<\/b> Toyota is reportedly backing out of plans to build a car plant in Saudi Arabia, sources close to the matter tell Reuters<\/a>. \u201cNobody would say \u2018No, full stop\u2019 ... but they politely conveyed they\u2019re not interested,\u201d one source is quoted as having said. Saudi Arabia signed an MoU with Toyota back in March 2017<\/a> to begin a feasibility study on building an auto factory in the kingdom. The study concluded that Saudi Arabia would need to provide huge subsidies for the project to be viable. \u201cThey found that production costs will be similar to other countries only if there is a 50% government incentive. But even then, they aren\u2019t sure it will be profitable,\u201d said one source.<\/p>\n

This may not be good for us:<\/b> The feasibility study was supposed to look at the possibility of sourcing auto parts from Egypt<\/a> and Turkey as part of an analysis to see whether Toyota could make margins on assembled-in-KSA vehicles more attractive than those on full imports.<\/p>\n

Nonetheless, in the fight for FDI regionally, Egypt is looking more attractive to car companies than Saudi: <\/b>Saudi Arabia\u2019s reforms have failed to entice auto companies to set up shop, with industry insiders noting that other regional countries, such as Egypt, are proving more attractive. \u201cSaudi Arabia and (Gulf) countries have been persistently disappointing in terms of sales in recent years, so it\u2019s not as if original equipment manufacturers would be entering a booming market,\u201d Justin Cox, director of global production at LMC Automotive, tells Reuters. Egypt and Turkey have more advantages for carmakers<\/b>, he said.<\/p>\n

Is now the time for auto companies (including Toyota) to come to Egypt?<\/b> This week, we reported that the government is studying<\/a> a new set of incentives that were meant to encourage assemblers to move up the value chain towards manufacturing, while the Trade and Industry Ministry lowered the requirements for locally-sourced car parts to be considered made in Egypt. It was reported back in April 2018<\/a> that Toyota and Nissan were waiting on the Automotive Directive (an earlier draft of the incentives program) to decide whether to expand their investments in Egypt. <\/b>A few months later, the government said<\/a> it was in talks with Toyota and Volkswagen to open up shop at the Russian Industrial Zone currently being built in the Suez Canal Economic Zone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Toyota snubs Saudi Arabia: Toyota is reportedly backing out of plans to build a car plant in Saudi Arabia, sources close to the matter tell Reuters. \u201cNobody would say \u2018No, full stop\u2019 ... but they politely conveyed they\u2019re not interested,\u201d one source is quoted as having said. Saudi Arabia signed an MoU with Toyota back […]<\/p>\n","protected":false},"author":1,"featured_media":599187,"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":[8572],"tags":[144,357,72,125,131,219,2380,1231],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-automotive","tag-automotive-directive","tag-enterpriseam","tag-investment-watch","tag-manufacturing","tag-saudi-arabia","tag-speed-round","tag-toyota","wpautop","entry"],"acf":{"mongo_id":"b29b8921-e883-4eda-b35c-5fdeb7a80003","is_powered_by":true,"section_story_id":"81c9eb15-2dd1-4d8c-8157-233a96656c45","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/1735.jpg","photo_position":"above","related_issue":[599171],"teaser":"","voice_url":""},"yoast_head":"\nToyota snubs Saudi Arabia - 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\/2019\/06\/20\/toyota-snubs-saudi-arabia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Toyota snubs Saudi Arabia\" \/>\n<meta property=\"og:description\" content=\"Toyota snubs Saudi Arabia: Toyota is reportedly backing out of plans to build a car plant in Saudi Arabia, sources close to the matter tell Reuters. \u201cNobody would say \u2018No, full stop\u2019 ... but they politely conveyed they\u2019re not interested,\u201d one source is quoted as having said. 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Toyota Motor plans to launch a feasibility study as early as this year on building the factory in Saudi Arabia and plans to sign an MoU on the study with\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650067,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/15\/saudi-king-signs-mou-with-toyota-to-launch-feasibility-study-on-auto-factory\/","url_meta":{"origin":599186,"position":1},"title":"Saudi King signs MoU with Toyota to launch feasibility study on auto factory","author":"enterpriseam admin","date":"15 March 2017","format":false,"excerpt":"Saudi Arabia\u2019s King Salman signed an MoU with Toyota on Monday night to launch a feasibility study on building an auto factory in Saudi that could potentially source its parts from Egypt and Turkey, Al Borsa reports. Toyota had said it would make a final decision based on whether importing\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651885,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/22\/court-snubs-governments-latest-attempt-to-get-saudi-island-agreement-moving-along\/","url_meta":{"origin":599186,"position":2},"title":"Court snubs government\u2019s latest attempt to get Saudi island agreement moving along","author":"enterpriseam admin","date":"22 February 2017","format":false,"excerpt":"The Ismail government is still trying to get the Tiran and Sanafir sovereignty handover agreement with Saudi Arabia moving along, attempting to get an injunction passed to suspend the Administrative Court\u2019s ruling in January reaffirming the suspension of the treaty. The injunction failed to pass the Administrative Court which shot\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601045,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/sawiris-clarifies-his-statements-on-not-investing-in-saudi-arabia\/","url_meta":{"origin":599186,"position":3},"title":"Sawiris clarifies his statements on not investing in Saudi Arabia","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"Naguib \u2764\ufe0f Saudi Arabia, after all: Celebrity businessman Naguib Sawiris told Arabiya TV yesterday that his decision to not invest in Saudi Arabia isn\u2019t an indefinite thing. Instead, he said, he\u2019s waiting for the enactment of reforms to the kingdom\u2019s investment laws and arbitration setup before he looks at opportunities\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\/2019\/2\/2747.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594230,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/23\/saudi-arabia-renews-usd-5-6-bn-deposits-in-egypt\/","url_meta":{"origin":599186,"position":4},"title":"Saudi Arabia renews USD 5-6 bn deposits in Egypt","author":"enterpriseam admin","date":"23 October 2019","format":false,"excerpt":"Saudi Arabia renewed USD 5-6 bn of its deposits at CBE, Al Mal reported. The central bank signed an agreement with the Saudi Fund for Development (SFD) to extend the maturity of Saudi deposits held by the CBE up to 2022 on the sidelines of the annual meetings of the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601749,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/vcs-see-egypt-saudi-arabia-as-the-next-big-things-on-the-middle-east-start-up-scene\/","url_meta":{"origin":599186,"position":5},"title":"VCs see Egypt, Saudi Arabia as the next big things on the Middle East start-up scene","author":"enterpriseam admin","date":"10 March 2019","format":false,"excerpt":"VCs see Egypt, Saudi Arabia as the next big hubs in the Middle East\u2019s startup scene: Venture capitalists believe Egypt and Saudi Arabia have a promising future in the region\u2019s start-up scene and are advising investors to keep a close eye on them, the National reports. 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