Italian Fiat factory in Egypt

The Italian car company, Fiat, signed an agreement with the two Egyptian companies Seoudi Group and Nile Engineering Company on establishing a joint company named Fiat Auto Egypt for producing and importing cars as well as maintaining them.

According to the deal, Fiat Auto company owns 51% of the new company in comparison to 44.1% for the Seoudi Group and 4.9% for Nile Engineering.

The new company will start producing the two cars Sineena and Berlin and will offer its cars for sale in the first quarter of the year 2000. Its investment reach $15 million.