Egyptian car manufacturer sets up plant in AFZA
Egypt’s International Company for Car Manufacturing will establish a bus manufacturing plant in the Ajman Free Zone (AFZA) of the United Arab Emirates (UAE). The factory will have a production level of 50 buses a month, reported Gulf News.
According to Egyptian Commercial Counselor, Abdullah Mohammed Hussein, the Egyptian firm has already purchased the land for the plant’s location. The company’s output will be 25 percent built with Egyptian components with rest of the parts coming from Japan.
Located between the emirates of Sharjah and Umm Al-Quwain, AFZA is serviced by a port, which can receive various carriers and is capable of handling cargo of all types. Companies situated in the zone receive a series of incentives including 100 percent foreign ownership rights, 20 years of tax-free operations and personal income tax exemptions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)