{"id":609858,"date":"2023-11-12T00:00:00","date_gmt":"2023-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars\/"},"modified":"2023-11-12T00:00:00","modified_gmt":"2023-11-12T00:00:00","slug":"elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars\/","title":{"rendered":"Elsewedy Capital and Ezz El Arab Automotive team up to locally assemble cars"},"content":{"rendered":"

The push to localize our automotive industry continues:<\/strong> Elsewedy Electric sister company Elsewedy Capital and automotive group Ezz El Arab<\/a> have launched a joint venture that will assemble petrol and electric vehicles, according to a statement (pdf)<\/a> 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 \u201ccoming years,\u201d the statement added. The firm will offer the vehicles \u201ccompetitive prices\u201d in the Egyptian market and export some abroad. <\/p>\n

The project is already getting some support from the state\u2019s push to localize the auto<\/strong> industry: <\/strong>The Madbouly government\u2019s Egyptian Automotive Industry Development Program<\/a> (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<\/a> on Thursday.<\/p>\n

I<\/strong>CYMI: <\/strong>Proton was said to have been exploring a partnership<\/a> with state-owned El Nasr Automotives to explore the feasibility of producing cars in Egypt in 2020.<\/p>\n

We also got an update on <\/strong>EGX-listed GB Corp<\/strong>\u2019s Sadat City auto factory in the works: <\/strong>One of the other private-sector companies that signed framework agreements, GB Corp, is currently building an auto factory<\/a> 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\u2019s chief manufacturing officer Ramez Adeeb, who attended the signing. <\/p>\n

ALSO IN AUTOMOTIVE NEWS:<\/strong><\/p>\n

AfreximBank earmarks USD 1 bn for Africa\u2019s auto makers, local players want in: <\/strong>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<\/a>, quoting Afreximbank trade facilitation manager Gainmore Zanamwe\u2019s 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

The newly found company aims to annually produce 50k units in the \u201ccoming years\u201d<\/p>\n","protected":false},"author":1,"featured_media":609859,"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":[7339],"tags":[421,144,8617,11761,152,72,356,11762,11763,461,241,246,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-afreximbank","tag-automotive","tag-egypt-malaysia-relations","tag-elsewedy-capital","tag-elsewedy-electric","tag-enterpriseam","tag-evs","tag-ezz-el-arab-automotive","tag-ezz-elsewedy-automotive-factories","tag-gafi","tag-gb-auto","tag-green-economy","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"8f0411ed-169b-48d2-8383-b7046bc5f929","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/187.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Elsewedy 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The company will now sell a ton of steel rebar at EGP 19.17k, down from EGP 20k, the company announced in a disclosure\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572442,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/24\/your-top-infrastructure-stories-of-the-week-12\/","url_meta":{"origin":609858,"position":5},"title":"Your top infrastructure stories of the week","author":"enterpriseam admin","date":"24 June 2020","format":false,"excerpt":"Your top infrastructure stories of the week: Elsewedy secures Mostakbal City project: Elsewedy Electric\u2019s Trading & Distribution unit signed a EGP 423.3 mn agreement with El Mostakbal Urban Development to complete electricity and communications infrastructure for sections of phase three of Mostakbal City.HA to construct Afghan power plant: Hassan Allam\u2026","rel":"","context":"In \"Afghanistan\"","block_context":{"text":"Afghanistan","link":"https:\/\/enterpriseam.com\/egypt\/tag\/afghanistan\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609858","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=609858"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609858\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609859"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609858"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609858"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}