{"id":613493,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars\/","title":{"rendered":"JV plans USD 100 mn investment to localize the production of Geely cars"},"content":{"rendered":"

Made in <\/strong>China<\/strong> Egypt:<\/strong> Kuwait\u2019s Ali Alghanim & Sons Automotive<\/a>, Saudi\u2019s Mohamed<\/a>Yousuf Naghi Group<\/a>, and Egypt\u2019s Organi Group<\/a> have launched a joint venture dubbed Auto Mobility that will invest USD 100 mn into localizing the production of cars from Chinese automobile giant Geely, Asharq Business<\/a> reports.<\/p>\n

The plan:<\/strong> Auto Mobility will localize the assembly of Geely cars in Egypt,developing points of sales, and exporting to African and Middle Eastern markets, said the company\u2019s chairman Fahd Ali Al Ghanim. The company plans to start rolling out a limited number of vehicles by 4Q 2024, Al Ghanim added.<\/p>\n

Remember: <\/strong>The trio behind Auto Mobility \u2014 along with local firm Al Safi Group \u2014 teamed up<\/a> in late2022 to establish Global Auto Group<\/a> (GAG), the local agent of BMW and Mini. GAG signed a binding framework agreement<\/a> in November with the Madbouly government to assemble cars locally, but no further details about the car brand or the location, size, and cost of the project were provided at the time.<\/p>\n

EVs in the cards?<\/strong> Auto Mobility will start with conventional vehicles, but it will study producing electric cars at a later stage, Al Ghanim told the outlet.<\/p>\n

ICYMI- We\u2019re getting serious about our local auto industry:<\/strong> As part of the recently relaunched Egyptian Automotive Industry Development Program (AIDP)<\/a> to localize the automotive industry and its feeder industries, the Madbouly government is exploring<\/a> the creation of a new auto industrial zone. Recent government incentives for the industry and efforts to drum up investment have led to foreign companies eyeing up<\/a> new auto plants, local companies planning to expand<\/a> their operations, and Egyptian companies teaming up<\/a> to assemble foreign car brands locally.<\/p>\n","protected":false},"excerpt":{"rendered":"

The JV wants to begin production in 4Q 2024<\/p>\n","protected":false},"author":1,"featured_media":613494,"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":[8300,7227,144,72,2093,6420,131,8301,8302],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-ali-alghanim-sons-automotive","tag-auto-mobility","tag-automotive","tag-enterpriseam","tag-geely","tag-global-auto-group","tag-manufacturing","tag-mohamed-yousuf-naghi-group","tag-organi-group","wpautop","entry"],"acf":{"mongo_id":"0197b5a1-b772-41fb-be7f-6d636a46c369","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1031.jpg","photo_position":"above","homepage_title":"","full_issue_title":"JV plans USD 100 mn investment to localize the production of Geely cars in Egypt","related_issue":[613488],"teaser":"The JV wants to begin production in 4Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.57d51ba3-d6a1-4f4a-b2a9-23a9849a0ae7.mp3"},"yoast_head":"\nJV plans USD 100 mn investment to localize the production of Geely cars - 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\/2024\/01\/16\/jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV plans USD 100 mn investment to localize the production of Geely cars\" \/>\n<meta property=\"og:description\" content=\"The JV wants to begin production in 4Q 2024\" \/>\n<meta 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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":613536,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/this-evening-egypt-to-get-usd-250-mn-sharia-compliant-trade-loan-facility-from-afc-iftc\/","url_meta":{"origin":613493,"position":5},"title":"THIS EVENING: Egypt to get USD 250 mn Sharia-compliant trade loan facility from AFC, IFTC","author":"enterpriseam admin","date":"16 January 2024","format":false,"excerpt":"Good afternoon, friends, and happy hump day. We are at the midpoint of what looks like a busy week.ICYMI, EnterpriseAM is now also in the UAE: Think of it as the UAE analogue to your morning read in Egypt \u2014 your essential report on business, finance, the economy, and regulation\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1308.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\/613493","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=613493"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613493\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613494"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613493"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613493"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}