BMW Rebuts Egyptian Market Exit News

CEO of BMW & Bavarian Group has negated on Tuesday the news about withdrawing the company’s investments from the Egyptian market by the end of 2014.

In an exclusive statement to Amwal Al Ghad, CEO Farid El Tobgy said BMW’s investments in Egypt amount up to US$ 250 million, noting that the firm is planning to increase its volume of investments in the country which obviously contradicts the withdrawal news.

It is worth noting that Ibrahim Hidou – a member of the Engineering Export Council of Egypt has informed Al-Akhbar newspaper that the three leading motors firms BMW AG, Mercedes-Benz and Hyundai Motor have demanded withdrawing their investments from Egypt by end of 2014, when the North African country starts to apply a full exemption of customs duties on European cars.