The Egyptian government has attracted $500 million from expatriates as part of an initiative allowing them to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency.
Helwan University announced that the E-Rally team at the Faculty of Engineering in El-Matareya won many awards in the “Global Electric Vehicle Challenge” GEVC, which was hosted on the lands of the United Arab Emirates.
Expats will be required to invest the value of saved customs duties and taxes in foreign currency in an interest-free five-year certificate of deposit (CD), recovering the deposit in Egyptian pounds at the end of the period.
The global city will include a free zone and a used car sale area, the agency complex area, traffic offices, car showrooms, and the rest of the services provided to the customers.
The draft law stipulates that “an Egyptian who has a valid residency abroad has the right to import one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including the value-added tax and the schedule tax.
Mait added that since April until present, 500 cars have been delivered to beneficiaries with the state funding them with LE16.2 million.
The Arab world's most populous country is targeting the conversion of as many as 1.3 million private cars.
The premier made the remarks at a meeting with Ministers Mohamed Maait of Finance, Niveen Gamea of Trade, Tarek el Molla of Petroleum, and Hesham Tawfik of the Public Business Sector.
Tawfik was speaking on Monday during signing two agreements between El Nasr Automotive Manufacturing Company, China Dongfeng Motor Industry Import & Export Co. (DFMIEC), and Dongfeng Design & Research Institute Co.
This expansion will be accompanied by an increase in the number of supply stations by about 350 new stations during the coming period, bringing the total number of stations to 550 stations to cover various areas for easy access.
Sixth others – worth $731 million - are underway.
AMIC attributed the rise in car sales to the increase in bus sales by 58.9 percent to reach 2,421 vehicles, compared to 1,524 vehicles in July 2019.
Molla said in a statement that the total number of cars that have been converted since the start of activity has reached about 320,000 cars.
"We have the right, as a country, to license gas-powered cars only and to stop licensing new cars that run on gasoline," He added.
Terras said, in a statement on Wednesday, that it was agreed to establish a new company subject to the law of the Arab Organization for Industrialization in partnership between the authority and the Holding Company for Chemical Industries to produce all t
A closer look to what happens at the Egyptian car market.
Abul Majd indicated that the prices of some types decreased by 3 percent.
Cairo launched Tuesday a trial operation of its first electric bus, as a prelude to deploy more buses into service at the public transport sector, along with natural-gas powered buses in the governorate.
The industry minister stressed the ministry's keenness to provide all means of support for existing and new German investments in the Egyptian market.
A month before Britain is due to quit the European Union, the bloc’s car-makers have joined forces to warn of billions of euros in losses in the event of a no-deal Brexit.