Fahad Al-Ghanim: 'Global Auto' an associate company of 'Ali Alghanim Sons Automotive Company (K.S.C.P)' signed an agreement with the Egyptian government to develop and enhance the automotive sector.

The agreement aims to develop the necessary resources to fund the environmentally friendly car industry.

Such agreements regulate the frameworks of mutual cooperation in the Egyptian market, which stands as one of our primary objectives.

The associate company has obtained approval from the Automotive Industry Unit as an 'Authorized Assembly Company' according to specific terms and procedures.

The Framework agreement with the government concerning the National Automotive Industry Development Program reflects the Egyptian government's interest in the private sector in general and the automotive manufacturing sector in particular."

Kuwait, November 2023: Ali Alghanim Sons Automotive Company 'ALG' announced the signing of a framework agreement by its associate company (Global Auto - Egypt) with the government of the Arab Republic of Egypt, represented by the General Authority for Investment and Free Zones, the Environmental-Friendly Car Industry Financing Fund, and the Automotive Industry Unit under the Ministry of Trade and Industry.

In this context, the Chairman of the Board of Directors at Global Auto - Egypt (an associate of ALG Company) Mr. Fahad Ali Alghanim expressed gratitude to the government of the Arab Republic of Egypt, represented by Prime Minister Dr. Mostafa Madbouly, for their interest in developing the private sector in general and the automotive manufacturing sector in particular. This demonstrates the government's commitment to implementing their vision by supporting the private sector and attracting foreign investments.

Mutual benefit

Alghanim expressed his delight with the agreement, especially for the significant benefits it will bring to both parties. He expressed hope that this initiative would contribute to increasing the confidence of global manufacturers in such markets that have become more flexible and attractive for investment.

In a press statement, Alghanim said, 'There are strategic objectives behind this agreement, including the development and growth of the automotive sector in Egypt. Additionally, it aims at developing the necessary resources to finance the environmentally friendly car industry, aligning with the goals of the National Automotive Industry Development Program (AIDP) in the Arab Republic of Egypt.' Alghanim emphasized that Global Auto hopes to utilize this agreement to negotiate with the companies it represents in Egypt to increase their car production in Egypt and export them abroad.

Key approvals

Alghanim clarified that the agreement obligates the associate company to abide by the rules and conditions of the National Automotive Industry Development Program in Egypt without any restrictions or conditions. Additionally, the associate company obtained approval from the Automotive Industry Unit as an 'Authorized Assembly Company' according to specific terms and procedures.

Market openness

Alghanim continued, stating that such agreements regulate the framework for future cooperation for Alghanim Group in the Egyptian market, which is one of its key objectives for the upcoming phase. He commended the evident developments in the market, expecting them to have significant positive implications in the foreseeable future.

Furthermore, the framework agreement obligates the associate company to fulfill all necessary documentation to qualify for and benefit from the incentives granted by the Automotive Industry Unit or the Environmental-Friendly Car Industry Financing Fund.

Governmental interest

Dr. Mostafa Madbouly, the Prime Minister, witnessed the signing ceremony of the agreement along with Dr. Mohamed Maait, the Minister of Finance, Engineer Ahmed Samir, the Minister of Trade and Industry, Mohamed Qandeel, the CEO of Global Auto for Cars, and several company officials.