Supported by Enmaa Finance and the Islamic Corporation for the Development of the Private Sector, MAM for Engineering Industries & Electrical Supplies Achieves Growth.
Eng. Hani Salem Sonbol: We have supported 524 private sector projects in ICD’s member countries totaling $7.61 billion, and we continue to provide more financing to achieve new success stories and increase the volume of exports.
Cairo-Jeddah / 5 Sept 2023
MAM for Engineering Industries & Electrical Supplies in the Arab Republic of Egypt achieves significant growth in the Egyptian market with the support of Enmaa Finance Company, which was established in partnership between the Islamic Corporation for the Development of the Private Sector (ICD), the Arab Investment Bank and Ayadi Company for Investment and Development to provide financing under the Ijarah system in accordance with the provisions of Islamic Sharia.
ICD has shared an informative video about the success story of MAM for Engineering Industries & Electrical Supplies over the past years, as Enmaa Finance provided financing in 2019 to MAM for Engineering Industries & Electrical Supplies at a value of EGP 10 million to contribute significantly to the development of the company's size, the expansion in establishing new production lines for electrical panels and low voltage, the entry into new markets, in addition to its entry into partnerships with Schneider Electric International.
Commenting on the success of MAM for Engineering Industries & Electrical Supplies in the Egyptian market, Eng. Hani Salem Sonbol, Acting CEO of the ICD, said: “We are proud of the ICD and of what Mam for Engineering Industries and Supplies was able to achieve as a result of its expansion in exporting to a number of African and Asian countries with the support of Enmaa Finance Company, in which the ICD owns a 47% stake.”
He added that the ICD continues to support and empower the private sector in its member countries to replicate more success stories and increase the volume of exports, as ICD has provided funds to support and empower the private sector through a total value of $7.61 billion for 524 projects in various member countries since its establishment in 1999.
Mr. Tarek El-Fayoumi, Managing Director and CEO of Enmaa Finance, said: “We provided finance for MAM for Engineering Industries & Electrical Supplies in 2019, which increased in 2022, reaching a total of EGP 10 million. This project is a great testament to our pride in the success we have achieved as a company, which led to our partnership with a major company such as Schneider Electric.”
Engineer Ahmed Youssef El Sherif, President of MAM for Engineering Industries & Electrical Supplies narrated the success story of the company over the years. It was established in 1998 in Qalyub, and in 2005, it started acquiring new machines. In 2016, it established a second factory in Badr City, and in 2019 it began cooperation with Enmaa Finance. It was able to establish new production lines that contributed significantly to the company’s development in the Egyptian market, as the company’s sales increased in 2019 from EGP 100 million to EGP 150 million in 2020, then EGP 330 million in 2022, and in 2023 it is expected to achieve between EGP 550 million to EGP 600 million. The company also created new job opportunities which grew from 75 to 225 over the course of 4 years, and it exports to more than one country in Africa such as Sudan, South Sudan, Djibouti, Congo, Tanzania, and Kenya, as well as in Asia such as Syria and Iraq.
He pointed out that MAM for Engineering Industries & Electrical Supplies has plans to expand in the medium voltage industry and increase exports to the global market in cooperation with Enmaa Finance Company, as it is working on installing the largest nano-ceramic line in Egypt during the first quarter of 2024.
Engineer Mohamed Salama, Executive Director of MAM for Engineering Industries & Electrical Supplies, said that the company’s entry into international partnerships with various international institutions contributed to the establishment of the company’s headquarters in the industrial zone in El-Obour on an area of 13 thousand square meters. The company’s main goal is to target the electrical sector, specifically in the field of low voltage, to protect beneficiaries from any electric hazards.