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 — off the hook in terms of stock liquidation will be completed, our inventory level will be back to historical low levels," Ghabbour told Reuters in an interview on Thursday. GB Auto had held back on sales to licensed distributors in 1Q2017 to allow them to clear out their inventory and adjust the price of their vehicles to reflect the new market conditions. The market is already signally this rise, as demand for passenger cars has already edged up to 70% of what it was before the EGP float, while two- and three-wheel vehicles has rebounded in June and July to pre-float levels.

Commenting on the impact of the CBE’s recent interest rate hikes, Ghabbour said: “I’m not saying I have suspended [expansion plans] but I’m working at a slower pace.” He added that the company was working on manufacturing tyres and alloy wheels. Ghabbour also sees strong growth in Iraq and Algeria.