GB Auto (AUTO.CA) announced that it is planning to invest USD306mn in its new tire factory, of which 40% will be financed internally, while 60% will be financed through bank loans. The company’s stake in the new tire plant is 51%, with the remaining stakes to be distributed among foreign investors. According to Chief Investment Officer, Menna Sadek, the company is currently waiting to receive approval for the land for the project in Suez Canal area. Furthermore, GB Auto has finalised an agreement with Bajaj to manufacture two-and three-wheelers (tuk-tuks) locally, with the planned tuk-tuk plant to be built in the 2H16 for cUSD60mn. (Al Mal)