Cairo: - ATM Misr celebrated today the launch of its new factory in Ataka, New Suez City that specializes in assembling transport buses, under the auspices of HE. Dr. Mostafa Madbouly, Egyptian Prime Minister. This significant development was made possible due to close collaboration with China's King Long company – a major player on the global bus-manufacturing scene boasting 35 years of experience. Not only does this ambitious project further strengthen ties between Egypt, Saudi Arabia and China; it also reflects ATM Misr’s strategy of supporting and localizing the bus industry in Egypt — in line with the Egyptian government’s efforts to transform Egypt into a distinguished industrial destination that is convenient and attractive to international investors. The opening ceremony was attended by General Abdel Majid Saqr, Suez Governor, General Mokhtar Abdellatif Chairman of the Board of Directors of the Arab Organization for Industrialization, Eng. AbdelMoneim Emara, Vice President of the New Urban Communities Authority on behalf of the Minister of Housing, Utilities and Urban Communities, and Mr. Zayed Al-Asmar, the Saudi commercial attaché on behalf of the Saudi ambassador. Moreover, leaders of the ATM Misr, including Chairman of the Board of Directors, Dr. Hamed H Al Mutabagani, Managing Director, Mr. Amr Al Kouatli, beside Chairman of Xiamen King Long United Automotive Industry Co. , Mr. Liu Zhijun were all present among a group of businessmen and media representatives. The ceremony witnessed the signing of three cooperation protocols, where the first one was signed between the ATM Misr and the King Long to extend the technical partnership between the two parties, while the second one was signed between King Long and the National Trade Company NTC to sustain the company’s representation of King Long in the Kingdom of Saudi Arabia. Finally, the third protocol came between ATM Misr and NTC to supply 51 buses to NTC, which in turn will supply them to Al Madinah Al Munawarah Company for pilgrims and Umrah transport. General Abdel Majid Saqr, Suez Governor, said: "We are thrilled to witness the opening of this project today, with its huge production capacity that meets the international standards, and holds a promising future”. Saqr also added that Egypt is a starting point and gateway for any investor who is willing to penetrate the African and European countries. He also highlighted the Egyptian government’s full preparation to eradicate any obstacles that may face foreign investors, and its readiness to exert all efforts to maintain a stable investment climate in Egypt Moreover, Dr. Hamed H Al Mutabagani, Chairman of the Board of Directors of the ATM Misr, said: “We are delighted to be here today in Egypt and to join forces with KingLong in the inauguration of a magnificent transport bus factory here in Egypt. This endeavor is a testament to the Egyptian government's remarkable progress in creating an environment ripe for investment, with talented laborers, world-class infrastructure and favorable regulations. Investing close EGP one billion into this project, 60% of its total production being locally sourced is an indication of our enthusiasm towards contributing positively to the growth of the Egyptian economy, and supporting the localization of the industry in Egypt. ” The partnership, according to Dr. Mutabagani, represents the Kingdom of Saudi Arabia's vision to unleash bold investment and stimulate it to the fullest by being an active investor in the region. It is the first step in a long journey aimed at strengthening Egyptian-Saudi-Chinese relations. Future ambitions for the business include a strategy for Egypt as well as the whole region. Mr. Amr Al-Kouatli, Managing Director of ATM Misr, said: “ATM Misr is thrilled to announce its strategic partnership with King Long. This cutting-edge association brings both companies one step closer in leading the industry of manufacturing buses within the Egyptian market. It also reflects The Arab Company's ongoing commitment towards investing across multiple markets, especially the Egyptian market. ” He added that to create an industrial factory that contributes to the Egyptian market, the company equipped a 164,000 square meter area with state-of-the art production lines and warehouses. Furthermore, facilities for quality control and administrative support were also included in order to ensure its success. To demonstrate the company’s commitment, a contract has been signed during the first phase of modular production to supply 51 buses over two stages to The National Trading Company in KSA; The first phase consists of 26 buses, while the second phase consists of 25 buses. Another contract has also been signed with King Long company to supply the components needed to manufacture 26 buses during the first stage. Mr. Liu Zhijun, Chairman of Xiamen King Long United Automotive Industry Co. , commented: “I am pleased that King Long is taking a step towards investment and local production in Egypt. Founded in 1988, King Long devotes itself to be a global influential solution provider of intelligent transportation system. Along the past 35 years, the company has produced more than 600,000 units. Looking back over the past three years which were greatly affected by the pandemic, King Long managed to enhance its core competitiveness with technological innovation, and continued to develop various innovative segments including autonomous driving technology, new energy commercial trucks, hydrogen fuel cell system and special vehicles”. Mr. Zhijun further commented: “New Era, New Journey. ATM Misr and King Long will seize the great opportunity to deepen the mutual cooperation, and contribute to the public transportation of the Arab countries with more King Long buses”. It is worth noting that Dr. Hamed H Al Mutabagani and his sons own 97. 5% of the Arab Company, with a group of Egyptian investors owning the remaining 2. 5%. The company intends to operate in a variety of markets, including the Kingdom of Saudi Arabia, Gulf Cooperation Council countries, Egypt, and North Africa. -Ends-.