(2007-02-20) Buying property in Egypt Mubarak Says German Firms Plan Egypt Investment
DaimlerChrysler AG's Mercedes-Benz luxury car division and other German automakers are planning to build a plant for spare-part production on Egyptian property for sale, said Egyptian President Hosni Mubarak.
``We have learned today about a project by German companies including Mercedes and others,'' Mubarak told reporters in Berlin after an hour of talks with German Chancellor Angela Merkel. ``They want to start a large project in Egypt for spare parts and other services,'' Mubarak said without elaborating.
Mubarak, who paid his second visit to Berlin within two months to attend an Egyptian art exhibition in the German capital, said he expects Merkel to visit Egypt ``soon'' to discuss details of the corporate project. DaimlerChrysler had no immediate comment.
``We're expecting her in Egypt soon, so that Egypt will also become a centre for spare-part production for large companies,'' Mubarak said. Merkel said German-Egyptian ties are ``very close,'' without commenting on the planned investment.
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