New business, new opportunities! Egypt's well-known large-scale car dealer IFG settled in TEDA cooperation zone
Release time:
2023-08-05 00:00
On August 1, the signing ceremony of the Egyptian IFG Company (IFG) to enter the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (TEDA Cooperation Zone) was held at the TEDA Cooperation Zone Investment Service Center. Mohammed Ibrahim Farag, head of IFG, and Song Caicen, executive director of Egypt's TEDA Special Zone Development Company, signed the land transfer contract on behalf of both companies.
The IFG project signed this time covers an area of more than 5000 square meters and is planned to be used for the import and storage of new and used cars, PDI of the vehicle inspection center, etc. It is the first project involving the import of new vehicles in the TEDA cooperation zone.
The entry of IFG means that TEDA Cooperation Zone will start a brand-new vehicle import business from now on, and the vehicle import business will realize "new car and used car" walking on two legs. On the other hand, it also means the expansion of the customer market for imported cars, from focusing on the disabled market in the past to taking into account the needs of ordinary customers, which can directly face the entire Egyptian population of more than 100 million. It not only better meets the local consumer market, but also greatly expands the business projects of investors.
With the empowerment of the only area (Canal Zone) and the only license (TEDA), the commercial real estate sector of the TEDA Cooperation Zone has become increasingly attractive and favored by investors. IFG head Mohammed said that the signing is only the beginning of cooperation-the company has reserved about 5000 square meters of adjacent land to expand its business scale and plans to formally sign the contract in October. Not long ago, the approval procedures for the second phase of logistics land in TEDA Cooperation Zone had just been completed. Colonel Emad Raslan, head of RaslanMotors Automobile Import Company, quickly signed a land purchase contract with TEDA-purchasing more than 10000 square meters of land for importing and storing second-hand automobiles, becoming the first project to enter the second phase of logistics land in TEDA Cooperation Zone.
Up to now, the commercial real estate in TEDA cooperation zone has sold nearly 120000 square meters of land, attracting 11 projects of new and used car import and storage, self use trade bonded warehouse, public logistics bonded warehouse and container yard. In addition, the TEDA-ROYAL public bonded warehouse project, which covers an area of 75000 square meters, has basically realized the scale expansion of commercial real estate in the initial stage through the double spiral development of attracting investment and independent operation, egypt's cross-border commodity distribution and distribution center and Egypt's international second-hand car and spare parts distribution center have taken shape.
IFG is mainly engaged in automobile import and distribution business. It operates maintenance service centers in many places in Egypt and currently has more than 400 employees. Since the establishment of the Peugeot showroom in the late 1970 s, the company has successively imported and distributed Japanese Toyota, Suzuki, Nissan, Mitsubishi, South Korea Hyundai, Kia, French Renault and other brands of cars. It used to be Wuling, Kaima, Brilliance, Zhongtai and other car brands in Egypt. The exclusive agent importers and distributors have set up car showrooms and service centers of different brands in Cairo, Giza, Alexandria, Ismailia, Suez, Suez, and set up a branch in Dubai in 2022.
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