Arab Finance: The Arab Company for Trade, Manufacturing, and Transport Services (ATM Misr) has inaugurated its new factory in Ataka, New Suez City, in collaboration with China's King Long company, according to an emailed press release on February 28th.

The newly launched factory specializes in the assembly of transport buses.

The opening ceremony was attended by Governor of Suez Abdel Majid Saqr, Chairman of Arab Organization for Industrialization General Mokhtar Abdellatif, Vice President of New Urban Communities Authority AbdelMoneim Emara, and Zayed Al-Asmar, the Saudi commercial attaché on behalf of the Saudi ambassador.

The inauguration was also attended by leaders of ATM Misr and Chairman of Xiamen King Long United Automotive Industry Co Liu Zhijun.

Commenting on the inauguration, Hamed H Al Mutabagani, Chairman of ATM Misr, said: “We are delighted to be here today in Egypt and to join forces with KingLong in the inauguration of a magnificent transport bus factory here in Egypt.”

“Investing close EGP 1 billion into this project, 60% of its total production being locally sourced is an indication of our enthusiasm towards contributing positively to the growth of the Egyptian economy, and supporting the localization of the industry in Egypt,” he remarked.

During the ceremony, three cooperation protocols were signed; the first one was signed between ATM Misr and King Long for extending technical partnership, while the second one was signed between King Long and the National Trade Company (NTC) to sustain the company’s representation of King Long in Saudi Arabia.

Meanwhile, the third protocol was sealed between ATM Misr and NTC to supply 51 buses to the latter, which in turn will supply them to Al Madinah Al Munawarah Company for pilgrims and Umrah transport.

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