Enmaa Finance Company, a financial institution founded by ICD, the Arab Investment Bank, and Ayadi Company for Investment and Development, provided Solo Soft Company with EGP 47 million in financing that complies with Islamic law.
This financing helped Solo Soft Company rebuild and equip its factory with the latest machinery and technology. As a result, Solo Soft Company was able to achieve a 94% increase in sales and expand its exports to 18 countries.
Hani Salem Sonbol, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), said that the ICD is proud of SoloSoft’s global success and transformation. He added that the ICD will continue to work with its local partners to support and empower the private sector in member countries to achieve more sustainable development goals.
Solo Soft, the leading Egyptian manufacturer of paper towels under the brand name “White,” has achieved remarkable success in the Egyptian, regional, and global markets. This success came after the company overcame a major fire that destroyed its factory in 2017. In 2019 and 2022, Solo Soft received financing from Enmaa Finance Company totaling EGP 47 million, which helped the company rebuild and grow.
The financing from Enmaa Finance Company helped Solo Soft rebuild its factory using world class technology. This led to a 94% increase in sales in 2021, which then grew by 178% in 2022. The company expects to grow by 200% by the end of 2023. As a result of this growth, Solo Soft was able to increase its workforce from 250 to 780 employees, including 150 women. The company also expanded its exports to 18 countries in Africa, Asia, Europe, and North America. These exports now account for 40% of the company’s total production.
ICD posted a video on YouTube about SoloSoft’s success after the company received financing from Enmaa Finance Company, a joint venture between the ICD, the Arab Investment Bank, and Ayadi Company for Investment and Development. Enmaa Finance Company provides Sharia-compliant financing services.
Engineer Hani Salem Sonbol, Acting CEO of ICD, praised Solo Soft for its resilience and success in the Egyptian and global markets, despite a devastating fire that destroyed its factory. He said that few investors and exporters could have recovered from such a loss, but Solo Soft has emerged even stronger. ICD is proud of Solo Soft’s success in Egypt and its expanding exports to regional and global markets. ICD, through its 47% stake in Enmaa Finance Company, will continue to support Solo Soft’s growth and exports. In other words, ICD is impressed with Solo Soft’s turnaround and success, and it will continue to help the company grow and export more products.
In addition, ICD will continue to support the private sector in Egypt, helping investors, exporters, and small and medium-sized businesses to succeed and contribute to sustainable development.
Mr. Tariq Al-Fayoumi, Managing Director and CEO of Enmaa Finance Company said,
Enmaa Finance Company played a key role in Solo Soft’s success. The company provided financing, equipment, and machinery to Solo Soft after its factory was destroyed by fire in 2017.
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.
Ahmed Al-Qattan, the Vice Chairman of the Board of Directors of Solo Soft Company, said that the White brand of paper towels is a great success story. The company was established in Egypt in 2014, but a massive fire in 2017 caused it to lose everything. The management team at Solo Soft is resilient and determined. Despite a devastating fire in 2017, they were able to rebuild the factory with the best technology in the world. With the support of partners like Enmaa Finance Company, Solo Soft was able to keep pace with the latest technologies used in manufacturing paper towels. Today, Solo Soft has 780 highly qualified employees and is a leader in the paper towel industry.
In addition, the firm has achieved significant sales growth (up to four times) in the past three years and expanded into the “wet” tissue market. The company was also able to develop a sizable commercial sector using its agents nationwide to reach the greatest number of customers. We currently export to 18 nations in North America, Africa, Asia, and Europe, and we intend to export to 30 nations in Africa, Asia, and Europe in the upcoming years.
