The dream of having an Egyptian car is one step away!

An official source at the Holding Company for Metallurgical Industries confirmed that the merge between "Nasr" and " Engineering Automotive" companies, with the aim to fulfill the dream of having an Egyptian car, has been postponed until the verdict of the Administrative Court to cancel the decision to liquidate Nasr company for cars which was issued by Dr. Mahmoud Mohieldin, former Minister of Investment, more than 5 years ago – as reported by AlAhram.

Before the revolution of January 25, 2011, the Holding Company for Metallurgical Industries has begun liquidation procedures of Nasr Company for cars due to the accumulation of debts, which amounted to 2 billion pounds, while the value of the assets of the company reached one billion and 800 million pounds. The number of workers has been also reducing from 10 thousand to 300 workers.

The source said that after the verdict of the administrative court to cancel the liquidation decision, a meeting will be held between the General Assembly of the Holding Company for Metallurgical Industries, owner of Nasr, and the General Assembly of the Holding Company for Land Transport and Maritime, owner of Engineering Automotive, to approve the merger.

Engineering Automotive company has received 3 offers from European and Asian companies to manufacture their products in Nasr factory after the merge.
However, the decision was postponed until the completion of the cancellation of the liquidation decision and merge the two companies into a single entity.

It is worth mentioning that Nasr was founded in 1960 and was the first company in the Middle East to assemble and manufacture cars, and the volume of the company's production in 1982 reached 22 thousand passenger cars which 45% of their components were local, while 57% of buses and lorries components were local.