CAIRO: The Turkish Sabangi Group in Turkey has announced it will build a new plant for the manufacture of buses in Egypt with joint investments from Egyptian partners.
The chairman of the Turkish group said the investments for the first phase would amount to LE 150 million and the plant would be built on 80,000 square meters in the 10th of Ramadan City. The plant is expected to create about 750 manufacturing jobs.
Construction works are expected to be completed by early 2008. The plant will sell 70 percent of its production in the Middle East and African markets and 30 percent in the domestic market.
For his part, the chairman of the new joint-venture “Temsa Egypt Hossam Lashin said the government’s incentives to manufacture buses have been the driving force behind the Sabangi Group’s initiative. “The new plant will add to the number of bus exports from Egypt in view of the upsurge of annual exports of buses, he added.
Temsa Egypt is a joint venture between the Turkish Sabangi Group and the Egyptian Lashin Group.
