According to Egypt's Ministry of Transport and Industry, relevant authorities are currently in negotiations with an Italian company.
The company plans to utilize existing local production lines to manufacture tires under its own brand.
The first phase of the investment is valued at $500 million, with an annual production capacity of 1 million tires.
The Italian company has already conducted a preliminary survey of the factory in Egypt.
As of now, Egypt has two tire factories in operation, with three other rumored tire projects.
The two operational factories are Pyramid Tires and Prometeon (Italian industrial tires).
The former primarily produces agricultural tires, light truck tires, and two-wheeler tires, while the latter focuses on passenger and commercial vehicle tires.
In addition to the above projects, there are two other tire projects in progress in Egypt.
One of the rumors involves a Sino-Egyptian joint venture project, with a total investment of $360 million and an annual production capacity of 18 million tires.
The other is the "Rolling Plus" factory project, with a total investment of $1.07 billion and an annual production capacity of 7 million tires.
According to statistics, Egypt's total tire demand in 2022 reached 10 million units, of which 8.5 million units were imported.
