Cairo – Mubasher: Arabia Investments, Development, and Financial Investment Holding Company has submitted a lawsuit to the Cairo Economic Court, requesting a compensation of EUR 150 million from Peugeot.

Speaking on the sidelines of a roundtable on Monday, deputy chairman Hazem Zafzaf said that the first session of the lawsuit has been scheduled for May 2018.

Arabia Investments has appointed a law firm to be responsible for all the legal proceedings and to assist the company in getting its dues after its French partner Peugeot withdrew from the deal.

We are currently considering acting as an agent to other car brands after Peugeot withdrew from the deal, Zafzaf added.

An Arabia Investments official previously said that the company was planning to add a Chinese brand to its portfolio and that it was weighing between Bisu and GAC Motor.

Earlier on Monday, Arabia Investments said it was planning to top-up its profits to EGP 80 million and its revenues to EGP 1.5 billion in 2018.

The company is also planning to bid for electricity projects in Kuwait, Saudi Arabia, Iraq, and Libya in the coming period.

In 2017, Egypt-listed Arabia Investments reduced its losses to EGP 180.30 million from EGP 266.39 million in 2016, including minority shareholders’ rights.