Egypt settles $39m dispute with Mercedes-Benz importer -ministry

The Mercedes-Benz logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. (Reuters)
Updated 14 January 2019
0

Egypt settles $39m dispute with Mercedes-Benz importer -ministry

  • An Egyptian cabinet statement said that Mercedes-Benz production chief Markus Schaefer had told PM Mostafa Madbouly that they were looking to resume operations in Egypt
  • Mercedes-Benz halted assembling its vehicles in Egypt in 2015

CAIRO: Egypt has settled a 700 million Egyptian pound ($39.2 million) dispute between its customs authority and an importer of Mercedes-Benz vehicles, the finance ministry said on Sunday.
The ministry did not name the company and said in a statement that a governmental committee tasked with resolving investment disputes ordered the settlement, without providing details.
The announcement came two days after an Egyptian cabinet statement said that Mercedes-Benz production chief Markus Schaefer had told Prime Minister Mostafa Madbouly that the carmaker was looking to resume operations in Egypt and is considering assembling additional models in the country.
Mercedes-Benz halted assembling its vehicles in Egypt in 2015, but in 2017 the company had agreed in principle to a resumption in production, state-run news outlet Al-Ahram said.
Egypt announced in 2017 that Mercedes-Benz would return to the country with a new 50,000 square meter distribution center in the Suez Canal Economic Zone. ($1 = 17.8600 Egyptian pounds)


UAE signs $5.5bn in military contracts

Updated 3 min 17 sec ago
0

UAE signs $5.5bn in military contracts

  • Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries
  • The UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition

ABU DHABI: The UAE awarded 20 billion dirhams ($5.5 billion) worth of defense procurement contracts during a defense show this week, a military spokesman said.
The majority were awarded to international companies such as US firms Lockheed Martin and Raytheon, which sealed one of the biggest deals with 7 billion dirhams worth of contracts related to its Patriot missile air defense system.
Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries. This week, the UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition.
Saudi Arabia signed agreements this week at IDEX to develop its domestic defense industry as the Kingdom, the world’s top oil exporter, seeks to diversify its economy away from oil. Saudi Arabian Military Industries (SAMI), the Kingdom’s state defense company, signed partnerships with France’s Naval Group, Spain’s Navantia, and Abu Dhabi state fund Mubadala.
SAMI, established in May 2017, seeks to localize 50 percent of military spending by 2030.