Saudi Arabia opens new plant in Egypt

The Saudi Trade, Manufacturing and Transportation Services Company has opened a plant for the production of buses and various vehicles in Egypt in cooperation with the Chinese company King Long.

The new plant was opened on an area of ​​164,000 square meters, with an investment of LE 1 billion, with a 60% local component and an annual production capacity of 500 buses in the first year. The project provides over 12,000 jobs. and aims to export to the countries of the Persian Gulf and North Africa.

During the inauguration, three cooperation protocols were signed, the first of which was signed between the Arab Trading, Manufacturing and Transportation Services Company ATM Misr and the Chinese company King Long to complete the technical and technological partnership between the two companies, and the second between King Long Company and the National Trade a strategic partnership was signed by NTC to complete the introduction of King Long in Saudi Arabia. Finally, a third protocol was concluded between ATM Misr and NTC for the supply of 51 buses to NTC, which in turn will supply them to Al-Madinah Al-Munawwarah for the transport of pilgrims and umrah.

Source: RT