400 million pounds to expand its investments, “Raya Auto” launches the second production line to assemble motorcycles
Raya For Advanced Manufacturing Company (Raya Auto), a Company of Raya Holding Group for Financial Investments announced the launch of the second production line to assemble its two-wheeled vehicles (motorcycles and scooters) at its factory in 6th of October City, after obtaining all the approvals and permits from the responsible government agencies.
The estimated maximum production capacity of the first and second production lines of three and two-wheeled vehicles reaches 50 thousand vehicles annually, and the company had allocated initial investments to its factory of 100 million pounds after its agreement with Italian PIAGGIO (PIAGGIO), the global leader in the manufacture of light vehicles, to become the exclusive agent for it in the Egyptian market.
Medhat Khalil, Chairman of Raya Holding Company, said: Raya always believes in the investment opportunities that exist in the Egyptian market, which is what motivated it to diversify its investment portfolio and start assembling vehicles needed by the Egyptian consumer .
And he continued: The company is also working to reduce the burden on the citizens to provide a local product with components and international expertise, with the aim of settling the light vehicle industry in Egypt.
Engineer Tamer Abdel Aziz, CEO of the company, said: “A specialized team from the Italian company PIAGGIO has designed the two production lines for the Italian company’s factory … to ensure that all quality and safety standards are met during the various assembly operations.
He continued: The company seeks to expand its investments in the coming years to 400 million, in addition to creating direct and indirect job opportunities that the company’s factory will provide with the aim of contributing to the elimination of unemployment and creating a competitive national industry.
At the present time, more than 100 employees and workers work in the factory, and it is expected that the number of employees and technicians will reach more than 300 employees before the end of next year, indicating that Raya plans by 2020 to have an Italian product with local components, which will contribute to the creation of hundreds of new job opportunities for young people in the feeding industries.