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FINANCIAL NEWS
GB Auto seeks Tata partnership in Egypt
14 Nov 2010
(MENAFN) GB Auto, Egypt’s biggest listed automobile assembler, said it was negotiating with India’s Tata Motors to sell its vehicles in the Arab world’s most populous market, Reuters reported.
Egyptian automakers, most of which assemble foreign brands using imported parts, were hit hard by the global financial crisis last year, but sales are now growing at pre-crisis levels, partly thanks to a government plan to offer affordable cars to taxi drivers.
GB Auto manufactures, assembles, imports and distributes vehicles for Hyundai Motor, Bajaj Auto, Mitsubishi Motors, Volvo AB and Mazda Motor.
The firm said on its third-quarter net profit rose 11.4 percent year-on-year to 71.4 million $12.4 million, bolstered by higher passenger car sales in its home market and in Iraq.
More News
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Empowering Success: BBK and BIBF honor 24 graduates of the BBK’s Women on Board Programme
16 Mar 2023
BBK partners with Four Seasons Private Residences Bahrain Bay to offer ownership financing for 112 waterfront homes.
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