Chairman of Ghabbour Auto’s microfinance subsidiary Tasaheel, Amal Ragheb, said that the group contributed $93m to the Egyptian economy in 2015.
During the Suez Canal Global Conference, Ragheb stated that she expects Egypt to become a centre for the automobile industry in the Middle East, given its geographical location and free trade agreements.
Ragheb added that markets in Gulf countries will increase their contribution to the automobile industry with an expected purchase of nearly 3m cars in 2020, and 5m in 2030.
We hope that automobile industry will continue to grow in the next period owing to the establishment of the Suez Canal industrial zone, said Ragheb.
She claimed that the increase in automotive industry projects within Egypt will contribute to the country’s economy and alleviate the foreign currency crisis.
The chairman of Ghabbour Auto, Raouf Ghabbour, described the Suez Canal project as a great project, calling attention to successful experiences in the automotive industry by countries such as Turkey and Morocco.
Ghabbour urged the government to offer lands with completed facilities for free. He stated that the establishment of a car plant requires 1.5m square meters. The government must facilitate the provision of loans in Egyptian pounds that are offered with low interests rates. Further, Ghabbour called for the government to fund any money spent in research and development projects.
Finally, Ghabbour called on the government to institute a programme by which it would replace defunct cars with locally assembled cars.