INVESTMENT WATCH- Mercedes-Benz plans new car assembly plant in Egypt: German car manufacturer Mercedes-Benz could “start” a new assembly plant in Egypt, Mercedes-Benz brand owner Daimler said in a statement on Friday. The plant will be built by a “local business partner” and in collaboration with the Egyptian government. The statement does not provide further details on the expected timeline or investment value of the facility. Industry watchers told Al Masry Al Youm that the company will likely resume operations through Egyptian German Automotives (EGA), focusing on four-wheel drive vehicles.

A welcome shot in the arm for the investment climate:  “Egypt is an attractive and competitive location for production and supporting logistics … With our broad-based product portfolio, our electric initiative as well as our expertise in respect of modern mobility concepts, we are ready to support the Egyptian authorities in related projects,” Markus Schäfer, member of the Divisional Board of Mercedes-Benz Cars said in the statement. Daimler sold its stake in 2015 in the Egyptian German Automotive Company, suggesting at the time that margins were better importing fully-assembled vehicles as preferential custom duties for European cars were coming into effect and the USD shortage was mounting.

Ittihadiya welcomed the announcement, saying it is “a step that reflects the improvement of the investment environment and the performance of business in Egypt.”