Arab Finance: Egypt-based industrial conglomerate Elaraby Group has signed a joint venture (JV) agreement with South Africa-based automotive components manufacturer Malben Engineering to develop a shared production base serving Egyptian and African markets, as per a statement.

The signing took place in Alamein City on the sidelines of the Africa Automotive Investment Forum, with the presence of Minister of Investment and Foreign Trade Mohamed Farid Saleh.

The venture will combine Elaraby Group’s industrial, engineering, and technological capabilities with Malben Engineering’s more than 50 years of experience in manufacturing and forming metal automotive components. It will also draw on the South African company’s track record of supplying global automakers.

The agreement aims to increase local component manufacturing and develop automotive supply chains while exploring opportunities to expand across African markets. It also seeks to strengthen investment and trade ties between Egypt and South Africa and encourage further investment in automotive components.

Saleh said partnerships between Egyptian businesses and their African counterparts offer an important avenue for closer economic and trade cooperation across the continent.

He also highlighted the need to develop component manufacturing and regional supply networks by drawing on both countries’ capabilities and the opportunities available under the African Continental Free Trade Area (AfCFTA).