ABB Egypt eyes $40M exports to Saudi Arabia by end-2024

Updated 4/3/2024 11:06:00 AM
ABB Egypt eyes $40M exports to Saudi Arabia by end-2024

Arab Finance: ABB Egypt is looking forward to increasing its exports to the Saudi market to $40 million by the end of 2024, versus $2 million in 2023, ABB Factory Manager Mohamed Salem told Asharq Business.

The company targets boosting its business volume in Saudi Arabia, which is the firm’s second-largest market after Egypt, to $20 to $30 million by year-end, Salem said.

Moreover, the firm has injected around $80 million worth of investments into the Egyptian market in 2023, he added, pointing out that it is planning to make new investments of about $30 million within 2024 and 2025 to develop production lines.

Salem also pointed out that ABB will submit a request to obtain new land plots spanning an area of up to 60,000 square meters in the 10th of Ramadan City to expand further.

In addition, the firm targets a 50% year-on-year (YoY) export growth within 2024 and 2025 to reach $150 million, as compared to $100 million in 2023.

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