Electrolux to Pump $500 million in Egypt Once Roadmap Accomplished

Electrolux, the world’s No. 2 home appliances maker, is planning new investments amounting to $500 million in Egypt once the country finalises its post-Morsi roadmap.

According to Niazi Sallam, Chairman of Paradise Capital, the Swedish company is waiting for the completion of Egypt’s roadmap and formation of a new parliament, so as to herald new investments in the North African country.

He further revealed that Electrolux’s targeted investments will go for bolstering the company’s lines of production to increase volume of exports and open new markets.

In 2011, Paradise Capital signed a 7-year management contract with the Swedish appliance giant Electrolux after, Sallam elaborated. The contact followed Electrolux’s acquisition of acquire Paradise Capital’s 52% majority stake in Egypt’s biggest appliances maker Olympic Group in 2011.

Paradise Capital Holding is an Egyptian investment company that that invests and holds majority stakes in Egyptian blue-chip companies and in small and medium enterprises with sound performance run by professional management teams. Paradise Capital’s portfolio includes Olympic Group, and subsidiaries in; retail, real estate, education, financial services, communication services, and 3rd party logistics services.

In 2012, Electrolux’s turnover in Egypt topped 2 billion crowns ($307 million), out of total sales of about 110 billion.