Kasrawy, Jetour to establish $123mln factory to assemble Jetour models in Egypt
Prime Minister Mostafa Madbouly stated that the joint deal marks a significant move forward in the localization of the automotive industry in Egypt.
To be established on an area of 86,000 square meters in the 6th of October Industrial Zone, the new factory will include three production lines for welding, painting, and final assembly.
Its production will cover the local market's needs, with a portion allocated for export. The factory will offer around 1,500 job opportunities.
On his part, Mohamed El Kasrawy, Chairman of Kasrawy Group, announced the launch of the locally-assembled X70 Plus Jetour model, with an annual production capacity of 5,000 vehicles.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
12 hours ago
- Zawya
South Africa factory mood lifts in July, Absa PMI shows
JOHANNESBURG - South African manufacturing sentiment improved in July, a survey showed on Friday, pointing to improved business conditions in the sector for the first time in nine months. The seasonally-adjusted purchasing managers' index (PMI) sponsored by South African bank Absa rose to 50.8 points in July from 48.5 in June. It was the first time the headline PMI has been above the 50-point mark that separates expansion from contraction since October 2024. The rise was driven by a recovery in demand, with the new sales orders sub-index rising 9.8 points to 55.9 points, the third consecutive month of improvement. But sub-indices tracking employment and expected business conditions in six months' time fell by 6 points and 6.1 points, respectively, suggesting a full recovery in the sector is still some way off. Absa said in a statement that this was an indication of growing caution over issues like volatile global trade policy. South Africa faces a 30% tariff on its exports to the U.S. starting next week, a move expected to cost tens of thousands of jobs after it failed to secure a trade deal before a deadline set by U.S. President Donald Trump.
Zawya
13 hours ago
- Zawya
South Africa: Gauteng initiative to support small auto businesses launching soon
Gauteng MEC for Roads and Transport, Kedibone Diale-Tlabela, is set to launch the Merchant Development Programme, which aims to address barriers to entry into the automotive industry. This is an initiative championed by g-FleeT Management, a trading entity of the Gauteng Department of Roads and Transport, in partnership with WesBank and the Automotive Industry Development Centre (AIDC). It aims to address barriers to entry into the automotive sector by empowering small, medium, and micro enterprises (SMMEs) to become sustainable suppliers of fleet maintenance services. The programme targets merchants in townships, informal settlements, and hostels (TISH) areas with onboarding, training and accreditation and integrates them into the government supply chain,' said the Gauteng Department of Roads and Transport. Thursday's launch will take place at Chamdor Automotive Hub, 1 Jacobs Street, Krugersdorp. Members of the Portfolio Committee on Transport and Logistics, the Mayoral Committee on Transport, will be in attendance together with the Chief Executive Officers from AIDC, WesBank and g-FleeT Management. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Zawya
15 hours ago
- Zawya
UK factories edge closer to end of downturn, PMI suggests
LONDON - Britain's manufacturers - hit in recent months by trade wars and higher taxes - moved closer to a return to growth in July and executives were their most optimistic in five months, according to a survey published on Friday. The S&P Global/CIPS manufacturing Purchasing Managers' Index improved for a fourth month in a row to 48.0 from 47.7 in June, the weakest rate of contraction since January. July's final reading was slightly weaker than a preliminary estimate of 48.2 and remained below the 50.0 level that represents the threshold for growth for a 10th straight month. Britain's factories have been hit by fallout from U.S. President Donald Trump's trade tariff increases, finance minister Rachel Reeves' hike in social security contributions for employers and a big increase in the minimum wage. Friday's survey pointed to an improvement with output of consumer and intermediate goods growing after several months of contraction and a measure of expectations for future output rising to its highest since February. "The UK manufacturing sector is starting to send some tentatively encouraging signals," Rob Dobson, director at S&P Global Market Intelligence, said. However, a gauge of employment in the sector fell again as companies grappled with their higher labour costs and there were signs that jobs could take a further hit in the coming months, S&P Global said. Dobson said manufacturers were likely to remain cautious before Reeves' next annual tax and spending plan in the autumn. Prices paid and charged by factories increased at roughly the same pace as in June, the PMI showed. The Bank of England, which is expected to cut interest rates next week, is assessing the persistence of inflation pressures and the extent of a downturn in the jobs market. The manufacturing sector accounts for around 10% of Britain's economic output. The dominant services sector weakened in July, according to the preliminary PMI. A final PMI for services is due to be published on Tuesday. (Writing by William Schomberg; Editing by Toby Chopra)
