{"id":624419,"date":"2018-09-09T04:11:21","date_gmt":"2018-09-09T04:11:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/"},"modified":"2018-09-09T04:11:21","modified_gmt":"2018-09-09T04:11:21","slug":"gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/","title":{"rendered":"GB Auto to start building motorcycle factory in Ain Sokhna next year, sees market turning around"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>**#6 GB Auto is planning to start building a motorcycle plant in Ain Sokhna next year<\/strong>, Chairman and CEO Raouf Ghabbour <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-09-06\/egypt-s-gb-auto-sees-sales-doubling-as-different-world-sets-in\">told Bloomberg in an interview<\/a>. Production from the new plant is expected to start in 2020, with much of the output earmarked for export, according to Ghabbour, who adds that East Africa will be a key market. The project\u2019s investment value was not disclosed, but the company had <a href=\"https:\/\/enterprise.press\/stories\/2016\/12\/15\/gb-auto-not-building-a-tire-factory-moving-forward-with-motorcycle-plant\/\">announced in December 2016<\/a> that it was investing USD 60 mn in a new motorcycle factory in the Suez Canal Economic Zone and was in the final stages of acquiring land permits for it.<\/p>\n<p><strong>A turnaround in the cards for the auto market in 2019: <\/strong>GB Auto will also be resuming sales of the Chinese Geely vehicle this month, a move that is expected to push sales up by 40% this year to 140k units, and up to 180k units by 2019, Ghabbour said. GB Auto had incurred losses in 2016 and 2017 but began to recover in the first half of 2018, posting a <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/09\/gb-auto-1h2018-results\/\">45.8% y-o-y growth in its top line<\/a> in 2Q2018 to EGP 6.1 bn. <strong>The company expects auto sales to double in 2019 compared to 2017<\/strong> \u2014 when the car market shrunk to nearly half its average size as inflation levels soared following the EGP float \u2014 as demand recovers and the market adjusts to new realities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**#6 GB Auto is planning to start building a motorcycle plant in Ain Sokhna next year, Chairman and CEO Raouf Ghabbour told Bloomberg in an interview. Production from the new plant is expected to start in 2020, with much of the output earmarked for export, according to Ghabbour, who adds that East Africa will be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624419","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"06b9fdbe-4c5a-41e3-bffa-0247835e5236","order":"0","is_powered_by":true,"section_story_id":"bead160b-52a9-498b-b21e-a39ec7c49de3","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624410],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GB Auto to start building motorcycle factory in Ain Sokhna next year, sees market turning around - 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\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Auto to start building motorcycle factory in Ain Sokhna next year, sees market turning around\" \/>\n<meta property=\"og:description\" content=\"**#6 GB Auto is planning to start building a motorcycle plant in Ain Sokhna next year, Chairman and CEO Raouf Ghabbour told Bloomberg in an interview. Production from the new plant is expected to start in 2020, with much of the output earmarked for export, according to Ghabbour, who adds that East Africa will be [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-09T04:11:21+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"GB Auto to start building motorcycle factory in Ain Sokhna next year, sees market turning around\",\"datePublished\":\"2018-09-09T04:11:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\"},\"wordCount\":231,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/gb-auto-to-start-building-motorcycle-factory-in-ain-sokhna-next-year-sees-market-turning-around\/\",\"name\":\"GB Auto to start building motorcycle factory in Ain Sokhna next year, sees market turning around - 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Ghabbour, who was previously GB Auto\u2019s COO, will be replaced by Karim Gaddas.","rel":"","context":"In &quot;Speed Round&quot;","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":642640,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/20\/gb-auto-ceo-raouf-ghabbour-sees-the-car-market-coming-back-in-4q2017\/","url_meta":{"origin":624419,"position":1},"title":"GB Auto CEO Raouf Ghabbour sees the car market coming back in 4Q2017","author":"enterpriseam admin","date":"20 August 2017","format":false,"excerpt":"GB Auto CEO Raouf Ghabbour sees the car market coming back in 4Q2017 as dealers run down their inventory. \"I am very confident that during 4Q, we'll be completely off the hook \u2014 off the hook in terms of stock liquidation will be completed, our inventory level will be back\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628984,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/gb-auto-could-list-gb-capital-by-2020\/","url_meta":{"origin":624419,"position":2},"title":"GB Auto could list GB Capital by 2020","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"IPO WATCH- GB Auto could list GB Capital by 2020: GB Auto could list its financing subsidiary GB Capital on the EGX by 2020, GB Auto Chairman and CEO Raouf Ghabbour said, without disclosing further details on the expected size or value of the offering. GB Auto has no plans\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":562247,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/gb-auto-net-income-doubles-in-1q-amid-higher-demand\/","url_meta":{"origin":624419,"position":3},"title":"GB Auto net income doubles in 1Q amid higher demand","author":"enterpriseam admin","date":"17 May 2021","format":false,"excerpt":"GB Auto\u2019s net income more than doubled to EGP 299 mn in 1Q2021 compared to EGP 138 mn in the same quarter last year, according to the company\u2019s earnings release (pdf). Revenues rose 16% to hit EGP 6.8 bn during the quarter, compared to EGP 5.9 bn a year earlier,\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591806,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/ghabbour-auto-el-ghalban-to-establish-car-distribution-company\/","url_meta":{"origin":624419,"position":4},"title":"Ghabbour Auto, El Ghalban to establish car distribution company","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"Ghabbour Auto and El Ghalban Auto Market have signed an agreement to establish a joint venture to distribute imported cars in the local market, Al Mal reported. The value of the agreement and the expected timeline of the company\u2019s launch were not disclosed.","rel":"","context":"In &quot;Automotive + Transportation&quot;","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":621696,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/gb-auto-aims-to-increase-investments-by-10-15-next-year\/","url_meta":{"origin":624419,"position":5},"title":"GB Auto aims to increase investments by 10-15% next year","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"INVESTMENT WATCH- GB Auto aims to hike capex by 10-15% next year: GB Auto is hiking its capex spending by 10-15% next year, CEO Raouf Ghabbour told Al Mal. 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