Auto factory to be established in New October with investments of $135m

Prime Minister Moustafa Madbouli on Sunday attended the signing ceremony of an exclusive technical license agreement between Mansour Automotive Group and China’s SAIC Motor Co. to manufacture MG cars in Egypt.

The premier also attended the signing of a land allocation contract between the Ministry of Transport (represented by the Public Authority for Land and Dry Ports) and Mansour Automotive to build a new facility for manufacturing MG cars in the New October City industrial zone with an investment of $135 million.

The technical license agreement was signed by Ankush Arora, CEO of the MAC Transportation, a subsidiary of Mansour Automotive Group,  Vice President of SAIC Motor Zhao Aimin.

 The land contract was signed by Sayed Metwally, Chairman of the Public Authority for Land and Dry Ports, and Arora.

On the sidelines of the signing, Premier Madbouli said: “Today we are celebrating two very important signings, to establish a new auto factory in the New October City industrial zone, with investments worth $135 million, featuring an Egyptian-Chinese partnership, to produce MG brand cars in Egypt, with a local components of 45 per cent.”

Establishing the new facility is the outcome of supportive policies adopted by the state over the past years for the automotive sector, as part of the national strategy aiming to localise the industry, Madbouli added.