Alpha Group Ltd.: Pleased with the Outcome of the Successful Negotiations and Signature of a Memorandum of Understanding for the Assembly and Production of PROTON Vehicles in Egypt

CAIRO – June 2020 – Alpha Group Limited, Ezz Elarab, the Sole Distributor and exclusive representative of the PROTON brand in Egypt, expressed its satisfaction at the recent signing a Memorandum of Understanding between “Perusahaan Otomobil Nasional”, the leading automotive manufacturer and owner of the PROTON brand in Malaysia, and the Egyptian Government’s Holding Company for Metallurgical Industries.  The MOU outlines the initial steps for the implementation of a study to assemble and produce PROTON vehicles in Egypt.

The in-depth feasibility study is expected to take approximately 6 months and aims to revitalize the industry through the local assembly of passenger cars.  The project will be implemented through two companies, El Nasr Automotive Company “NASCO” and the Engineering Company for Automotive Industry “IAMCO”, who are both affiliated to the Holding Company for Metallurgical Industries, over the next three years.

Mr. Amir Saba, member of the Board of Directors and Head of the PROTON Brand at Alpha Group Ltd. Ezz Elarab, expressed his pleasure at this important step, stating: “The assembly and production of PROTON cars in Egypt is an important step that will aid in the critical need of localization in the auto industry in Egypt, as well as making PROTON vehicles accessible to a wider customer base in the country.”

It is worth mentioning that this achievement comes as a result of extended negotiations and discussions which have been in progress since 2019 under the auspices and patronage of His Excellency the Minister of Public Enterprise Sector, Mr. Hisham Tawfiq.  The project under study involves the potential assembly and distribution of twenty thousand passenger cars annually and also aims to enhance the development of a domestic component supply network to aid in the automotive industry’s manufacturing sector.

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