Cairo: Egyptian Prime Minister Moustafa Madbouli witnessed the inking of Nissan Egypt’s investment contract on manufacturing a third model in its factories in Egypt and expanding its manufacturing activities in the local market.

According to State Information Service Egypt, Nissan Africa President Jordi Vila signed the contract on behalf of Nissan Global with Managing Director of Nissan Egypt Mohamed Abdel Samad. The contract stipulates that the company will use local components in the third model by 54% and reconsider its exportation plans for the model, which will be assembled locally.

Abdel Samad stated that Nissan has announced a $45 million investment plan for the project. Additionally, the company will inject an extra $2 million to boost the production capacity of the three models to exceed 30,000 vehicles annually by 2025.

He highlighted that this contract signing coincides with the 20th anniversary of Nissan’s entry into the Egyptian market. The company aims to increase its exports by 50% in the cu
rrent fiscal year compared to the 2023 fiscal year exports.

Furthermore, Nissan seeks to enhance its dollar revenues from exports, which currently exceed $150 million.