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New $250 million automotive Egyptian - Korean company
Egypt, Business, 6/25/1999
An Egyptian - Korean Company for cars and other means of transportation was established with a capital of $250 million.
The holding company I.D.I Group, Kia Egypt, National Bank of Investment, the Korean Kia Motors Corporation and Asia Motors are contributing to the new company, which is named the Suez Gulf Company for cars, means of transportation and its components. This was said by Walid Tawfik, head of Kia Egypt.
He added, "The factory is considered the first of its kind in the world as it manufactures and produces all models produced by Kia Motors on different timetables."
He said the factory will be established on 500,000 cubic meters, and its production will start in the year 2000 with a productive capacity in the first year reaching 15,000 cars annually to be increased 40% annually for export.
Previous Stories:
15 million pounds for first Egyptian company for exporting data technology
(6/18/1999)
$200 million equal transaction between Russia and Egypt
(6/16/1999)
Egyptian banks finance large milling company
(6/14/1999)
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