Boosting Exports and Empowering Businesses: How ICD Supported Kazarine Textile Company
Cairo-Jeddah, 10 March 2024
The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, proudly highlights the success story of Kazarin Textiles Group, a leading Egyptian textile manufacturer. Through financing provided by Enmaa Finance Company, a subsidiary in which ICD holds a 47% stake, Kazarin achieved remarkable growth in its export operations, reaching 40 countries across Europe, North America, Africa, and Asia.
In a YouTube video, the Islamic Corporation for the Development of the Private Sector (ICD) highlighted the inspiring journey of Kazarin Textiles Group. This Egyptian company has become a true global player, exporting an impressive 90% of its products and achieving remarkable success in international markets.
Engineer Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector, provided commentary on the success of the Kazarine Textiles Group in the Egyptian and international markets. He stated: "The Islamic Corporation for the Development of the Private Sector is proud of the success achieved by the Kazarine Textiles Company in the Egyptian and global markets," adding that since Egypt has long been recognized as a leader in the textile industry, it is only natural to see international brands and brands choosing Egyptian factories.
He emphasized that the corporation prioritizes exporting items to other countries rather than merely focusing on local success when financing private sector businesses.
"We started working with Kazareen Company in 2017, which works in the field of spinning and weaving, a famous industry in Egypt," stated Mr. Tariq Al-Fayoumi, Managing Director and CEO of Enmaa Finance Company. "We played a role in contributing to the introduction of new production lines for them, which is the first in Egypt."
The company exports its products overseas and now operates seven factories, including a labor-intensive project that employs 2,500 people. In the field of dyeing and weaving, this helped the company achieve a significant breakthrough. It should be noted that Enmaa Finance Company is currently collaborating with the Kazareen Textiles Group to finance their export operations.
The chairman of Kazareen Textile Company's board of directors, Mr. Osama Abboud, stated: "We have been working with Enmaa Finance Company since 2017, when we worked on two projects together. The first involved bringing in and setting up a dedicated dye house to color polyester fabric, which is exported and used to make ready-to-wear apparel."
He added that this is Egypt's first initiative of its kind. "This kind of machine, which we buy from China, helped us increase the dyeing capacity by fifty percent and enable us to sell polyester fabric to the European and American markets. Regarding the second project, which involves installing and importing an integrated factory to produce and sell towels, it is thought to be the first of its kind in Egypt."
"The two projects helped create 500 new job opportunities and increased the company's sales by about 18% in 2018 and 20% in 2019," he continued. "90% of the company's sales are currently exported, while the remaining 10% are sold in the domestic market,” he stated.
He noted that they ship their ready-made clothing to ten nations, including several European nations, the United States, and Canada. They also export their products of household textiles like sheets and towels to 30 Arab nations in the Gulf and North Africa
It is important to note that the Islamic Corporation for the Development of the Private Sector displays the achievements of the businesses that Enmaa Finance Company has helped to finance through the years with the Corporation's assistance. Because of this, these businesses were able to grow their clientele, generate new employment possibilities, and export their goods outside of the Arab Republic of Egypt. To create more success stories, the Islamic Corporation for the Development of the Private Sector also hopes to strengthen its collaboration with the Arab Republic of Egypt and launch new initiatives and partnerships that help to grow and support small and medium-sized businesses and the private sector in the upcoming phase.