The head of the Suez Canal Industrial Zone, Mohab Mamish, and Thomas Zorn, the CEO and president of Mercedes-Benz Egypt, announced at a joint press conference on Tuesday that the carmaker is set to open a new assembly plant along the Suez Canal, according to news reports from Al Ahram.

The announcement revealed that Mercedes-Benz had acquired a 96,000 square-metre piece of land in the Suez Canal’s industrial zone. The German carmaker previously had an assembly plant in the 6th of October City, yet relocated to Algeria in 2014 due to a number of issues the company was having in Egypt.

Mamish assured that the Egyptian cabinet will be working round the clock to address all investors’ concerns to avoid a repeat of the problems Mercedes-Benz experienced in previous years. Thomas Zorn confirmed that he and the Egyptian government had come to a mutual agreement.

The deal is to be finalised after being reviewed by President Abdel-Fattah El-Sisi. As of now, no date has been set for when construction of the new factory will begin.

Main image: apmterminals.com