BMW distributor in Egypt unveil plans to invest $100m

The official importer and distributor of BMW in Egypt, Global Auto Group, has announced plans to inject $100 million meant to develop its services and expand its footprints in the Arab country.
Fahad Al-Ghanem, Chairman of the group, made the announcement to Asharq Business, Arab Business reports.
Al-Ghanem also revealed that the company will resume production of BMW cars in Egypt after more than two years of suspension. The first group of cars would be available to the Egyptian market in January 2023.
Global Auto is a joint venture of Kuwait’s Ali Al-Ghanim Sons Automotive Company and two Egyptian groups; Organi Group and Al Safy Group. Global Auto owns a factory with two production lines and the capacity to produce 10,000 cars annually.
Data seen by Arab Finance note that in October 2022 sales of passenger cars in Egypt dropped by 69% to 6,077 from 19,309 in the same month last year.