INVESTMENT WATCH- Is Mercedes-Benz really back? The automaker, which suspended assembly in Egypt in 2015 as the FX crisis deepened, has apparently agreed to reopen assembly operations in Egypt, Suez Canal Economic Zone (SCZone) Chairman Mohab Mamish announced in a presser on Tuesday to much fanfare. He added that 96,000 sqm have been allocated to Mercedes-Benz for an upcoming facility in the SCZone. The area will serve as the distribution hub for Mercedes-Benz operations in Egypt and the MENA region, he said, according to Youm7.

Not yet, it seems: Almost immediately after the announcement, a Mercedes spokesperson told Reuters that no decision has been made to re-start local production of passenger cars in Egypt. The spokesperson declined to comment on an agreement about a distribution center. “Mercedes is continuously examining conditions in all markets and regions with a view to market growth and sales prospects and adjusts its market strategy accordingly,” the spokesperson said. Mamish had announced earlier this month that the company had agreed in principle to assemble passenger cars in Egypt.