CAIRO: The legislative committee of the People’s Assembly unanimously voted for the ratification of the traffic law, which, among other amendments, legalized the tuk-tuk.
“The ratification of the new traffic law will have a significant impact on the automotive market, in general, and, specifically, on the players operating in the industry, GB Auto being a major beneficiary, Beltone Financial said in a press statement.
In its latest update “Second Lap Begins on March 16, Beltone reduced its expectations for tuk-tuk sales, pending the ratification of the law, as the timing was still unclear. “Overall, we view this as a major and positive change, which should help boost an already booming market. We will revise our numbers for GB Auto in view of this major change.
Additionally, the new law denies granting first-time licenses to taxis that were manufactured more 10 years ago, and denies the renewal of licenses to taxis which were manufactured more than 20 years ago.
