Company forms to produce cars in Arab states

A reliable source at the Egyptian Industries Union on Tuesday said that Egypt, Tunisia and Libya have established an investment company with a capital of US $600 million, with its top priority to produce a car in the Arab states.

The source added the contract providing for establishing the company was signed on Monday in Cairo by the chairman of the Egyptian industries federation, Abdul Menem Saudi, chairman of the Tunisian chambers of commerce and industry al-Hadi al-Jeilani, and head of the Libyan foreign investment company Muhammad Ali al-Houreih.

Al-Saudi was quoted as saying that doors are open before Arab investors and businessmen to take part in the company, noting that the company's priority is to manufacture a car and house-hold electrical equipment.