Egypt plans to launch a car tire factory with investments of $500m

RIYADH: The Egyptian government plans to tender a project to establish a passenger car and light commercial vehicle tire factory with an estimated investment of about $500 million, with the aim of meeting local market needs and reducing reliance on imports, according to an official document seen by Asharq Bloomberg. Egypt needs about 500,000 tires annually and imports nearly 8 million tires each year at an estimated cost of about $1.25 billion.

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