More Egyptian-made BMWs? Global Auto Group (GAG), the agent and importer for BMW and Mini in Egypt, has signed a binding framework agreement with the Madbouly government to assemble cars locally, according to a cabinet statement on Thursday. No further details confirming the car brand or the location, size, and cost of the project were provided.
This isn’t Global Auto Group’s first auto-assembly rodeo: After acquiring the rights to be BMW Group’s official importer and assembler Egypt in November 2022, Global Auto Group restarted the local assembly of BMWs after an almost five-year hiatus in January 2023.
Bigger, greener, and for export? Although the cabinet statement was slim on details, Prime Minister Madbouly made reference to the agreement in light of the Finance Ministry’s Environmentally Friendly Automotive Industry Fund (EFAIF). Global Auto has also shown an interest in electric cars by signing a strategic partnership with Infinity to charge electric BMWs at their charging stations. The company has also repeatedly made it clear its aims since acquiring the local rights to BMW to expand production and eventually begin exporting to other countries.
Who’s behind Global Auto Group? Global Auto is a joint venture between Kuwait’s Ali Alghanim & Sons Automotive, Saudi Arabia’s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group.
ICYMI- We’re getting serious about our local auto industry: As part of the recently relaunched Egyptian Automotive Industry Development Program (AIDP) to localize the automotive industry and its feeder industries, the Madbouly government is exploring the creation of a new auto industrial zone. Recent government incentives for the industry and efforts to drum up investment have led to foreign companies eyeing up new auto plants, local companies planning to expand their operations, and Egyptian companies teaming up to assemble foreign car brands locally.