The National Bank of Egypt (NBE) has inked a pivotal agreement with Abu-Ghaly Motors Group to supply and assemble Geely vehicles domestically. This landmark partnership, celebrated at a signing ceremony with key figures such as Hossam El Haggar from NBE and Tamer Qotb of Abu-Ghaly Motors, underscores a significant push towards local industry enhancement and economic sustainability.
The collaboration marks a strategic step in NBE’s commitment to bolster local manufacturing. With a mandate that at least 40% of the vehicle components be locally sourced, this initiative not only reduces Egypt’s reliance on imports but also creates new job opportunities and enriches local expertise. “This partnership is a testament to our dedication to supporting the Egyptian economy and local industry,” said Hossam El Haggar. He highlighted that the initiative aligns with NBE’s broader strategic goals to prioritize local production and empower the Egyptian private sector.
Choosing Geely vehicles was a deliberate decision rooted in their reliability and adherence to modern environmental standards. This move reflects NBE’s drive for sustainable, efficient transportation solutions tailored for the Egyptian market. El Haggar proudly stated that the NBE is pioneering the exclusive procurement of Egyptian-made vehicles, rejecting offers for imported products to foster a competitive and innovative local market.
This initiative is more than just a business transaction; it’s part of a broader vision to localize technology and foster partnerships between Egypt’s financial and industrial sectors. Tamer Qotb of Abu-Ghaly Motors expressed enthusiasm about the collaboration, viewing it as a powerful endorsement of locally assembled cars and a catalyst for trust in national brands. “This cooperation is central to Egypt’s vision for industrial growth and technological localization,” Qotb noted, underscoring the broader impacts on the national economy.
Both NBE and Abu-Ghaly Motors are optimistic about the potential for further collaboration, with NBE being Egypt’s largest banking institution, signaling strong institutional support for local industries. This partnership is poised to set a precedent for similar collaborations, advancing Egypt’s industrial capabilities and economic resilience in the automotive sector.
