Arab Finance: Egyptian and Gulf investors have launched a joint venture (JV) called Auto Mobility with investments of $100 million to be the agent of China’s Geely in Egypt, Asharq Business reported.

The investors include Kuwait’s Ali Alghanim and Sons Automotive, Saudi Mohamed Yousuf Naghi Group, and Egypt’s Organi Group.

The move aims to localize the manufacture of Geely cars in Egypt, develop sale centers, expand regionally, and export to markets in Africa and the Middle East, Auto Mobility’s Chairman Fahd Alghanim said.

The new company has already started the procedures of assembling Geely cars in Egypt, Alghanim noted, adding that it would begin production with a limited number of cars by the last quarter of 2024.

Taking East Cairo as a headquarters, Auto Mobility will start with manufacturing traditional cars and then will consider electric ones, Alghanim pointed out.

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