General Motors and Al Mansour Automotive will roll out Cadillac’s all-electric mid-size luxury SUV Lyriq in Egypt by the end of 2023

Newsletter

15 Nov 2022

Electric Cadillacs are coming to Egypt. General Motors (GM) and Al Mansour Automotive will roll out Cadillac’s all-electric mid-size luxury SUV Lyriq in Egypt by the end of 2023. Five other Cadillac EVs are slated to hit the Egyptian market two years later. Al Mansour Auto hopes to start assembling electric vehicles in Egypt within the coming year, and is close to finishing feasibility studies. Al Mansour chairman Mohamed Mansour told Bloomberg he intends to produce 15k EVs in Egypt over the next three years. Under an MoU signed last December, Al Mansour Auto and GM are looking at partnering up to produce EVs in Egypt. (Bloomberg Asharq)

The cabinet has published a detailed list of the rules, regulations and criteria for Egyptian expats looking to import new cars and get a rebate in exchange for upfront FX.
The criteria details the taxes and fees that expats must pay — customs fees, VAT, schedule tax, and development fees — and where to pay them. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to become eligible, though they must have a valid bank account in the country of residence that has been open for at least three months. (Al Mal)
Egypt’s EV industry is still nascent, with its first locally manufactured EV expected sometime next year after a protracted search for a partner to work with El Nasr Automotive on producing EVs
The government is still working on plans to establish a nationwide charging network — with our friends at renewable energy player Infinity working to set up 6k vehicle charging points at 3k stations across the country. Egypt’s House of Representatives just gave its final approval to a bill that will establish a new regulatory body to set policy for auto assembly in the country, including EVs, and provide financial incentives for manufacturers. (Zilla Capital)
The US and Russia will hold nuclear talks in Cairo in a few weeks.
Washington and Moscow will discuss resuming mutual nuclear inspections in late November or early December in Cairo. Russia halted Inspections under the treaty in August, blaming travel curbs imposed by the US and Western allies on the back of the war in Ukraine. On the other hand, Chinese President Xi Jinping will make a rare trip overseas next month with a visit to Saudi Arabia for talks with Crown Prince Mohamed bin Salman. Saudi Minister of State for Foreign Affairs Adel Al Jubeir told Reuters that talks will focus on boosting trade and regional security. (Reuters)
Egypt inks MoU with Morocco for cooperation in sustainable development
The Egyptian Ministry of Environment signed a memorandum of understanding (MoU) with its Moroccan counterpart to boost cooperation in sustainable development and preserving the environment. The MoU aims to promote bilateral cooperation in a host of environmental areas including the institutional and legislative aspects of environmental issues and sustainable development. (Arab Finance)
Final contracts for the 10 GW Masdar-Infinity-Hassan Allam wind farm announced last week at COP27 could be signed before the end of the year.
The consortium aims to complete studies and reach financial close within 18 months of signing the contracts, El Gamal said. Construction will then begin on the first phase of the project, which will produce some 1.5-2 GW of wind power. The entire project could be completed within three years of breaking ground on Phase 1, El Gamal said. (Bloomberg Asharq)
Turkey’s Arçelik to build 100 million USD factory in Egypt.
Turkish household appliances manufacturer Arçelik is planning to build a new factory in Egypt with investments of 100 million USD. The project will have a production capacity of 1.5 million devices annually and create 2,000 direct jobs. The company is planning to dedicate 60% of its output in Egypt for exports. Arçelik’s investment in Egypt comprised the transference of technology and knowledge to Egypt, along with products with high added value. (Arab Finance)
German investments in Egypt hit 2.8 billion EUR April-end
German investments in Egypt amounted to around 2.8 billion EUR at the end of April 2022, Minister of Trade and Industry, Ahmed Samir, revealed. The value of trade exchange between Egypt and Germany reached around 5.1 billion EUR in 2021. The Egyptian government’s keenness on attracting more German investments to the Egyptian market in the automotive industry and sectors of energy, waste management and recycling, and digital transformation. (Al Mal)
EIB to fund 1.5 billion USD water projects in Egypt.
The European Investment Bank (EIB) is planning to offer 1.5 billion USD to Egypt to fund projects which are mostly focused on water treatment. The bank collaborates with the Egyptian government to link water, food, and energy projects in order to actualize a strategy that is considerate of climate change in several aspects pertaining to the economy and the impact on the population. The bank would also work with Egypt in the transport and energy sectors, given their association with carbon dioxide emissions. (Bloomberg Asharq)
EBRD invests 10 billion USD in Egypt’s clean energy sector.
The total investments injected by the European Bank for Reconstruction and Development (EBRD) into the Egyptian clean energy sector, including green hydrogen and sustainable transport projects, amounted to around 10 billion USD. During a meeting with the President of EBRD Odile Renaud-Basso, Minister of Finance Mohamed Maait said that Egypt was keen on creating serious initiatives to secure concessional and sustainable financing for emerging markets to help them cope with climate changes. (Al Mal)
Egyptian Senate passes amendments to Investment Law.
The Egyptian Senate gave final approval for a draft law amending some provisions of Investment Law no. 72 of 2017 extending the term of incentives stipulated in Article 11 thereof. The new amendment includes a new article providing investment projects that practice one of the industrial activities determined by the said law a cash investment incentive between 15% and 55% of the applicable tax on income generated through the project’s direct activities or the activities of expansions thereof. The Ministry of Finance shall disperse the investment incentive within 45 days of the deadline for the submittal of tax reports. To receive the investment incentive, 50% of the project’s financing shall depend on foreign currency. The project shall be working for six years prior to the application of the law. (Youm7)