EIM Group to invest $100M in car manufacturing
Updated 10/2/2024 6:18:00 AM
Arab Finance: Egyptian International Motors (EIM Group) is set to pump investments worth $100 million into car manufacturing, marketing, and exporting, Chairman Khaled Nosseir announced on October 1st.
During a meeting headed by Prime Minister Mostafa Madbouly, Nosseir said that this initiative aims to position Egypt as a regional hub for automotive manufacturing and supply, with a focus on strengthening feeder industries.
The move is expected to create around 2,000 jobs and significantly increase Egypt’s export presence in Arab and African markets.
Nosseir also outlined the company's export ambitions, projecting sales of about 105,000 cars to foreign markets and export revenues exceeding $1.25 billion over the next five years.
He noted that the company aims to achieve a 48% local component in the production process, with plans to increase this to 58% within a year from the beginning of the factory’s operations.
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