Egypt's State-Run Automaker El Nasr Resumes Production After 15-Year Suspension

2024-11-16 09:09:13

(MENAFN- Nam News Network) CAIRO, Nov 17 (NNN-MENA) – Egypt's state-run automaker, El Nasr Automotive Manufacturing Company, yesterday resumed production, after 15 years of suspension, the Egyptian cabinet said.

At a ceremony marking the return of the company's production lines, Egyptian Prime Minister, Mostafa Madbouly said, El Nasr's return is“a strategic decision by the state,” and emphasised the vital role of private-sector partnerships, in advancing major projects.

Established in 1960, as the first Arab vehicle manufacturer and affiliated with the Ministry of Public Business Sector, El Nasr was once a leading regional automaker. However, it faced a gradual decline, and was intended to be liquidated in 2009.

Osama Aboul-Magd, head of the Egyptian Automotive Dealers Association, said that, the reopening of El Nasr is important in enhancing industrial localisation.

“This will help save the foreign currency needed for relevant imports, provide job opportunities, increase the employment rate, and lead to exporting vehicles manufactured in Egypt,” he said.

Aboul-Magd, who also serves as deputy chairman of the Automotive Division of Cairo Chamber of Commerce, noted, El Nasr plans to produce electric vehicles starting in May, 2025.– NNN-MENA

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