A state of relative calm has prevailed over the upcoming elections for the General Automotive Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), amid expectations that its results will be decided by acclamation.
Montaser Zaytoun, Chairperson of Zaytoun Auto Mall and member of the Auto Division, said that the upcoming elections will see a state of calm due to the decrease in the number of candidates running for the elections.
Zaytoun also said that the General Assembly members have not met in several years to conduct the elections. He expected that the election would be uncontested and it will conclude as soon as the General Assembly’s quorum (50 members) is met.
Moreover, Omar Balbaa, Head of the Automobile Division at the Giza Chamber of Commerce, announced that he will withdraw his nomination in the upcoming elections to provide an opportunity for new members to take part in the new session.
A normalisation committee was formed in April 2019 by the former chairperson of FEDCOC, with Zaytoun and Balbaa as members.
Balbaa noted that the normalisation committee has only met twice since its formation, due to the negative repercussions of the novel coronavirus (COVID-19) pandemic. He also said that Egypt’s auto sector has witnessed several significant challenges which require work and coordination to defend the interests of companies.
FEDCOC has announced that candidacy submission for the elections of its 15 general divisions, including the Automotive Division, was open from 20 October to 20 November.
Balbaa highlighted the current market conditions, where sales have dropped by 10%-20% compared to August and September 2019 figures.
He also said that most of the car dealers and distributors in the Egyptian market have tended to reduce their monthly shares of dealership contracts. This has come at a time when the market is witnessing a state of a slowdown in demand for cars.
He expects that the market will witness a state of improvement during the middle of this month, due to the upcoming holiday season.