Auto assemblers are hurting
FROM THE DEPT. OF DUH- Auto assembly in Egypt is hurting right now: Al Amal Auto could be forced to shutter its factory due to import restrictions, Chairman Amr Soliman told Al Mal. The sole agent and distributor of BYD and Lada brandpassenger cars and King Long microbuses in Egypt, Al Amal can’t bring in components thanks to import restrictions. Al Amal had already suspended the assembly of the Lada Granta on the back of Western sanctions on Russia, he said.
REMEMBER- New rules mandating the use of L/Cs for imports were imposed by the central bank earlier this year and have made it much harder for distributors to import vehicles and assemblers to access components. Several global car manufacturers have suspended sales to Egypt after local dealers were unable to pay.
Other things we’re keeping an eye on this morning:
- Egypt’s Ambassador to Greece discussed Egypt-Greece interconnection projects with the CEO of Greek infrastructure investor and project developer Copelouzos Group. (Statement)
- Japanese conglomerate Sumitomo Corporation wants in on renewable energy and electricity interconnection projects in Egypt. (Statement)
- Abu Dhabi Commercial Bank Egypt and the European Bank for Reconstruction and Development are providing finance to Elsewedy Technical Academy to fund the first semester of vocational training for special needs students. (Hapi Journal)
- The Administrative Capital for Urban Development Company has allocated land in the new capital for the construction of a branch of Italy’s Bambino Gesù hospital. (Statement)
- Amazon Egypt has started offering local sellers the option to increase their visibility on its platform through sponsored ads. (Statement, pdf)