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
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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
COMPANY%20PROFILE
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
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Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded