In its plan to localize the automobile industry, the Egyptian Ministry of Military Production has been in talks with the Emirati M Glory Holding, car production specialists to discuss the future of Egypt-made vehicles.
Mohamed Ahmed Morsi, Minister of Egypt in the Military Production, stated that they aim to curate a plan to regionalize the modern technologies of the automobile sector along with the assistance from United Arab Emirates (UAE).
He also mentioned that an Egyptian-Emirati firm has been set-up in this vein in which Egyptian workers will work on the manufacturing and production of bi-fuel cars for the first time in Egypt and expand the utilization of newly found natural gas in Egypt.
As per reports, Magda al-Azazi, Chairman of the Board of Directors of the Emirati M Glory Holding mentioned that the partnership with Egypt centers around meeting the African and local requirement of pickup cars like transport vehicles.
She added that these vehicles offer perks like high engine capacity, top-notch safety features, comfortable seats and can operate in different temperatures and diverse types of roads, making them a good fit for export to the African countries.
For the uninitiated, the Emirati company and the Egyptian Ministry of Military Production have together announced the institution of an Egyptian-Emirati automobile industry firm under the name EM for the production of cars which run on gasoline and natural gas in Egypt.
As per credible sources, the new firm aims to manufacture around 12,000 cars yearly to fulfil the requirements of the African and Egyptian markets. The company also plans to set up 20 factories to boost the production of vehicles.
It has been speculated that the Egyptian government is attempting to offer incentives for international firms specialized in the automotive industry to invest in Egypt and supports its plan to produce locally.