How did ICD assist in turning the fire at the Egyptian SoloSoft factory into a global success story?
Solo Soft Company obtained financing compatible with the Sharia from Enmaa Finance Company amounting to 47 million Egyptian pounds for the purpose of rebuilding and equipping its factory with the best equipment, machines, and international technology. It is worth noting that Enmaa Finance Company was created by ICD, the Arab Investment Bank, and Ayadi Company for Investment and Development.
Solo Soft achieved a growth in sales of 94% with the expansion of exports to 18 countries.
Engineer Hani Salem Sonbol - Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD): “We are proud of the global transformation and success story that SoloSoft has achieved, … we will continue to support and empower the private sector in member countries through our local partners to achieve more sustainable development goals”.
Cairo-Jeddah, October 2023:
Solo Soft, the leading company in the field of manufacturing paper towels under the brand “White” in the Arab Republic of Egypt, was able to achieve a distinguished success story in the Egyptian market and at the regional and global levels. This success came after overcoming the huge fire that ravaged its factory in 2017. Besides, the company benefitted from financing in 2019 and 2022 from Enmaa Finance Company at a value of 47 million Egyptian pounds (EP). This financing enabled the company to rebuild and equip its factory using world-class technology and achieve a growth in sales of 94% in 2021, which then grew by 178% in 2022. The company is expected to grow by 200% by the end of 2023. The number of employees in the company also increased from 250 to 780, including 150 women, with an expansion in exporting its products to 18 countries in Africa, Asia, Europe, and North America. These exports represent 40% of the company’s total production.
The ICD published, on its YouTube page, a video about the success story of SoloSoft after obtaining financing from Enmaa Finance Company, which was established through a partnership between the ICD, the Arab Investment Bank, and Ayadi Company for Investment and Development to provide financing services according to the leasing system in conformity with the Islamic Sharia.
Commenting on the success of Solo Soft in the Egyptian and global markets, Engineer Hani Salem Sonbol, Acting CEO of ICD, said: “There are few investors and exporters who can resume business after losing everything, but Solo Soft could resume its business much stronger after its factory was ravaged by a huge fire. ICD is, therefore, proud of the story of transformation and success that the company has achieved in the Egyptian market and its expansion in exporting its products to regional and global markets. We will continue with Enmaa Finance Company, in which ICD holds 47% shares, supporting it to achieve further growth and export more of its products to regional and global markets … Moreover, ICD will continue to support and empower the private sector in the Arab Republic of Egypt, enabling investors, exporters, and owners of small and medium enterprises to achieve more success stories that contribute to sustainable development goals."
On his part, Mr. Tariq Al-Fayoumi, Managing Director and CEO of Enmaa Finance Company, declared: “We had a significant role in developing the company’s business sector. The company's factory was ravaged by a huge fire in 2017 and applied for financing in 2019. We provided them with the required financing, equipment, and machinery.”
Mr. Ahmed Al-Qattan, Vice Chairman of the Board of Directors of Solo Soft Company, said: “In fact, the “White” brand for paper towels is a great success story that we are all proud of, as the company was established in Egypt in 2014, and in 2017 there was a massive fire that caused us to lose everything. But the management has a great spirit of challenge, which enabled it to fully rebuild the factory with the best technology in the world. With the support of a group of partners, including Enmaa Finance Company, which is supported by the Islamic Corporation for the Development of the Private Sector, we were able to rebuild the factory again while keeping pace with the best technologies used in manufacturing paper towels, and we currently have 780 highly qualified male and female staff. Besides, in the last 3 years, we have achieved significant sales growth (up to four times) and expanded in the “wet” tissue sector. The company was also able to build a large business sector through its agents nationwide to reach the largest number of consumers. We currently export to 18 countries in North America and Africa. Asia and Europe, and our plan is to export to 30 countries in Africa, Asia, and Europe in the coming years”.