Advancing Egyptian Industry: How the Islamic Corporation for the Development of the Private Sector (ICD) Propelled Rock Wool Production to Global Markets

• Through Enmaa Finance Company, the ICD provided crucial funding of 6.9 million pounds, enabling the construction of the "Rockal" factory in Sharqia. This pioneering facility, the first of its kind in Egypt and the largest in the Middle East, has transformed the nation's rock wool landscape by exporting its high-quality products to over 26 countries.
• Eng. Hani Salem Sonbol, Acting CEO of the ICD, shares insights: "Supporting the development of new industries in member countries is a cornerstone of our strategic vision. By empowering ventures like Rocal, we contribute significantly to achieving sustainable development goals, fostering economic growth, and creating valuable job opportunities."

The Islamic Corporation for the Development of the Private Sector (ICD) is proud to have played a significant role in the success story of the International Insulation Group “Rockal”. Through its subsidiary, Enmaa Finance Company, the ICD provided crucial financing that enabled Rockal to establish its factory in Belbeis, Sharqia. This pioneering facility, the first of its kind in Egypt and the largest in the Middle East, revolutionized the nation's rock wool industry.

Within just three years of operation, Rockal achieved remarkable success, reaching the global market and exporting its products to over 26 countries across Europe, Asia, and Africa. The company's sales soared by 120%, and exports exceeded 300%. This impressive growth is a testament to the transformative power of the ICD's strategic support.

Commenting on Rockal's success, Engineer Hani Salem Sonbol, Acting CEO of the ICD, highlighted the alignment between the company's achievements and the ICD's strategic vision. "Supporting the development of new industries in member countries is a cornerstone of our strategic vision," he said. "By empowering ventures like Rockal, we contribute significantly to achieving sustainable development goals, fostering economic growth, and creating valuable job opportunities."

The ICD's impact extends beyond direct financing. The organization works closely with financing companies in member states, like Enmaa Finance Company, to provide tailored support to private sector companies. This collaborative approach ensures that businesses like Rockal receive the resources and guidance they need to thrive.

Mr. Tariq Al-Fayoumi, Managing Director and CEO of Enmaa Finance Company, expressed his pride in being part of Rockal's success story. "We were proud to have a role in achieving the equation that any financial institution seeks, which is manufacturing local Egyptian products and exporting them outside of Egypt," he stated. Enmaa Finance Company's financing not only boosted Rockal's production and sales but also supported renewable energy initiatives within the company, further contributing to its long-term success.

Dr. Kamal Al-Desouki, Chairman of the Board of Directors of Rockal, emphasized the transformative impact of the ICD's financing. "The financing contributed to building the company's factory, the first of its kind in Egypt and the largest in the Middle East," he explained. This state-of-the-art facility, equipped with the latest technological advancements, has enabled Rockal to compete effectively in the global market.

“With 500 new hires thanks to a financing injection, the company now employs 650 people, meeting 70% of local demand. This investment also fueled unprecedented sales growth: 70% in 2019, culminating in a 120% increase and exceeding 1 billion EGP in 2022. The message is clear: adequate funding empowers companies to create jobs, dominate local markets, and drive economic growth,” he added.

With its impressive track record and unwavering commitment to quality and innovation, Rockal is poised for continued growth. The company's future plans include expanding its export operations and developing new products. The ICD remains committed to supporting Rocal on its journey, paving the way for even greater success in the years to come.

The ICD's support for Rockal is just one example of its dedication to driving sustainable development and economic prosperity in member countries. By collaborating with private sector companies and providing strategic financing, the ICD empowers businesses to create jobs, generate exports, and contribute to a more diversified and resilient economy.

This success story is a testament to the power of partnerships and the transformative potential of strategic investments. As the ICD continues to work with Rockal and other businesses across the region, we can look forward to a future filled with even more success stories, contributing to a brighter future for all.