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Arab Finance: Nissan Egypt is planning to strengthen its presence in the local market by investing around $55.9 million until 2026 across various activity, the firm’s Managing Director Mohamed Abdel Samad said.
This came during a meeting between Prime Minister Mostafa Madbouly, Abdel Samad, and other officials to support the localization of the automotive industry in Egypt.
Abdel Samad noted that the company has exported over 15,000 locally-manufactured Nissan Sunny vehicles since August 2022.
He added that the firm is targeting to increase the volume of exports by more than 50%, in addition to raising its USD revenues, which exceeds $120 million.
Furthermore, the company is set to start the establishment of a free zone at Alexandria Port in November 2024 with investments surpassing $2 million, Abdel Samad said
To be built on an area of around 6,000 square meters, the free zone aims to facilitate the export of cars and spare parts as well as provision of foreign currency, he added.
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