Exclusive | JV between government, Chinese investor, Egyptian partner to expand bus industry

Updated 5/15/2024 12:46:00 PM
Exclusive | JV between government, Chinese investor, Egyptian partner to expand bus industry

Arab Finance: State-run El-Nasr Automotive Manufacturing Company, in collaboration with private Egyptian partner and another Chinese one, will establish a new company specialized in the automotive industry, the spokesman of the Ministry of Public Business Sector Mansour Abdel Ghani told Arab Finance.

In an exclusive statement, Mansour said that the new company will specialize in manufacturing buses and minibuses, pointing out that its launch procedures have been completed.

The yet-to-be-established automobile firm will receive more capital injections and will bring advanced technology via the Chinese investor to enhance local buses manufacturing, he revealed.

Moreover, Mansour confirmed that El-Nasr Automotive Manufacturing Company has great experience and a long history in the field of manufacturing cars and buses.

El-Nasr Automotive Manufacturing’s Foundation History

El-Nasr Automotive Manufacturing Company was established in 1957 as per a ministerial decision issued to form a committee that included the Ministries of Military and Trade and Industry to study and set up a company and a factory for the production of trucks and buses in Egypt.

International companies were invited to participate in the foundation of the company, and the project was assigned to a German company in 1959.

On May 23, 1960, Gamal Abdel Nasser, the former Egyptian president back then, issued a decree No. 913 to establish El-Nasr Automotive Manufacturing Company.

Assembly lines were opened at the company’s factory in the Wadi Hof area in 1960 on an area of 480,000 square meters.

After that, contracts were signed for passenger cars manufacturing projects with the German company NSU and the Italian company Fiat, in addition to the agricultural tractors manufacturing contrats with the Yugoslav company IMR.

In 2009, the Egyptian government announced the liquidation of the company, then retracted its decision after seven years to announce the cancellation of the liquidation and resume its operation again in September 2016.

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