[AUTO] Egypt licenses local electric car factory to start production by end of 2024

[Angel of Death]

The Egyptian Cabinet agreed to grant the golden licence to private company EgyptSat Auto to build and operate a factory that will begin producing electric vehicles (EVs) by the end of 2024.

The factory will produce electric passenger cars, busses, motorcycles, and charging stations, according to a statement on Wednesday.

With investments worth EGP 300 million, the factory will be built on 50,000 square metres in the 10th of Ramadan city.

It will also create 500 jobs. According to the company’s website, EgyptSat Auto is a private local auto manufacturer founded in March 2023. The company's chairman, Mohammed El-Ghamry, is the Vice President of the Arab Academy for Science, Technology and Maritime Transport (AASTMT) and Dean of

Applied Research at the academy. Last August, the AASTMT announced that it would produce and market the first electric car in the Egyptian market during the first quarter of 2024 in partnership with EgyptSat Auto and local EV sales agent MATGR. The AASTMT produced prototypes for Egypt's first electric cars in February. Egypt seeks to develop the local automotive industry to keep up with regional players.

In June 2022, the government launched a national strategy for localizing the automotive industry. The country has recently taken significant steps to encourage investment and

entrepreneurship, level the field between the public and

private sectors, and support the investment climate. The golden licence allows investors to acquire or lease land and operate enterprises without requiring further government approvals.

Expanding gas capabilities

The Egyptian government also granted the Egyptian Natural Gas Company (GASCO) a golden licence to add a fourth production line to its Western Desert Gas Complex with investments worth  

$380 million. The new line will be built on 33 feddans in Alexandria’s Amreya city. It will add 600 million cubic metres of natural gas per day. The project is expected to create 2,500 jobs. GASCO has designed the new line to increase the production of natural gas by-products, petrochemicals raw

materials, condensates, and butane. Egyptian Natural Gas is a subsidiary of the state-owned Egyptian Natural Gas Holding Company. It operates in natural gas transmission, distribution,

and processing. To push up its gas production and meet

local demand, Egypt is investing $1.8 billion in digging 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta by 2025. According to the government’s plan, 21 wells will be completed during the fiscal year 2023/2024 and 14 in 2024/2025.

Link: https://english.ahram.org.eg/News/508766.aspx