It has been about four years since tuk-tuks became commonplace in Egypt. Reactions to the three-wheeled motorised rickshaws range from outright contempt to breathless praise.
Their drivers are overwhelmingly young men with little money. They have been criticised for their casual disregard for pedestrians and for larger vehicles.
Nonetheless, the tuk-tuk has emerged as a durable solution to many Egyptians' transportation woes in the aftermath of the civil uprising that ousted Hosni Mubarak from the presidency. Ghabbour Auto, the Middle East's biggest independent car assembler, said third-quarter net profit rose 25 per cent to 89 million Egyptian pounds, with rickshaw sales "stealing the show", up 91 per cent to 287m pounds.
Ghabbour's main business is in passenger cars. It is the sole agent and distributor of Hyundais in Egypt and runs an after-sales service network for cars and commercial vehicles. It is also the exclusive agent for Mitsubishi and Volvo buses and the sole agent for the tuk-tuk. Ghabbour's net profit is dependent on currency movement, and it carries exposure to multiple currencies: the dollar, the Korean won and the euro.
Ghabbour's fourth-quarter revenue is forecast to be "slightly above" 2 billion pounds, and profit is likely to be "slightly lower" than that of the third quarter, said Raouf Ghabbour, the chairman and chief executive.
Ghabbour will probably reach agreement with an unidentified car manufacturer in the first quarter of next year. The company is also in talks to import and distribute light commercial vehicles, agricultural equipment, tyres and construction equipment, Mr Ghabbour said.
"The automotive market in Egypt is starting to recover and further solidify our favourable view on Ghabbour's position in the market," Mr Murad said. The analyst has a "buy" rating on the stock with a target price of 36 pounds.
halsayegh@thenational.ae
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Expert input
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
