FILE – Minister of Public Business Sector Hisham Tawfik
CAIRO - 9 August 2022: The extraordinary general assembly of El Nasr Automotive Manufacturing Company, affiliated to the Metallurgical Industries Holding Company, has approved a decision to merge the Engineering Automotive Manufacturing Company with El Nasr company with a view to producing electric vehicles.
The decision comes within the framework of the Ministry of Public Business Sector's plan to localize the electric vehicle industry of various sizes in light of the global trend towards transition to a green economy, the ministry said in a statement Tuesday.
It also aims to create a strong entity in the automotive industry and achieve integration between both companies, the statement added.
The two companies had initially been a single entity before they got separated more than 20 years ago.