Egypt's GB Auto to invest USD1.5 b on 2 factories
(MENAFN) Egypt's GB Auto, the country's biggest listed vehicle assembler and distributor, announced it is planning to invest USD1.5 billion to build two new factories,
The investment would represent the company's biggest-ever investment program, as it last major investment in the country had the value of USD40 million, which the company made in 2010 to boost production capacity.
"Our investment decisions are going to be much easier going forward. We are looking at a big wave of investments. We are also looking at building the new factories in the next 3-4 years," GB Auto Chief Executive said.
GB Auto, which is also Egypt's sole dealer of Hyundai, Mazda and Geely passenger cars as well as the famous tuk tuk cars in Egypt, also has operations in Iraq and Algeria, with the company saying that it anticipates to register a revenue of USD1.7 billion in 2014, a 30 percent increase in comparison with 2013.
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