Wallenberg I Egypten
2023-10-03
Industry Giants in Egypt: From Electrolux to Ericsson
Egypt is a transcontinental country spanning the northeast corner of Africa and the Sinai Peninsula in the southwest corner of Asia. It is bordered by Libya to the west, Sudan to the south, and the Red Sea to the east. The Mediterranean Sea lies to the north. Egypt is one of the most populous countries in Africa and the Middle East, with over 109 million people. Its capital and largest city is Cairo.
Egypt has a long and rich history, dating back to the 6th–4th millennia BCE. It is home to some of the world's oldest and most iconic monuments, including the Pyramids of Giza, the Sphinx, and the Karnak Temple. Egypt was also a major center of Christianity and Islam in the early centuries AD.
-GDP-
The GDP of Egypt in 2023 is estimated to be US$497.03 billion (nominal) and US$1.80 trillion (PPP). This ranks Egypt as the 42nd largest economy in the world by nominal GDP and the 18th largest economy in the world by PPP GDP.
-Stability-
Egypt's stability is a complex and nuanced issue. On the one hand, the country has made significant progress in recent years, both economically and politically. The government has implemented a number of reforms that have helped to boost growth and reduce poverty.
On the other hand, Egypt faces a number of challenges that could threaten its stability. These include a large and growing population, high unemployment, and a persistent budget deficit. Additionally, Egypt is located in a volatile region and is susceptible to external shocks such as the global food and energy crises.
-Corruption-
Corruption is a major problem in Egypt. The country ranks 117th out of 180 countries on Transparency International's Corruption Perception Index 2022. This index ranks countries based on how corrupt their public sectors are perceived to be.
-The Wallenberg's-
The Wallenberg's are a Swedish family of bankers and industrialists who have a long history of involvement in Egypt. The family's first business dealings with Egypt date back to the early 1900s, when they began financing the construction of the Aswan Dam.
After World War II, the Wallenberg family continued to invest in Egypt. In the 1960s, they founded the Egyptian Swedish Company, which became one of the largest foreign investors in Egypt. The company invested in a wide range of businesses, including tourism, banking, and manufacturing.
In 1952, the Egyptian government overthrew King Farouk and established a republic. The new government was led by Gamal Abdel Nasser, who was a socialist and nationalist. Nasser's government began to nationalize many industries and businesses, including those owned by the Wallenberg's.
In 1956, the Wallenberg's decided to leave Egypt and take their business with them. However, the Egyptian government refused to let them take their money with them. The Wallenberg's were forced to leave Egypt with only the clothes on their backs.
-Electrolux -
Electrolux has been present in Egypt for over 50 years, and it has a strong presence in the Egyptian market. Electrolux has four factories in Egypt, which produce a wide range of appliances, including refrigerators, washing machines, cookers, and water heaters. Electrolux also has a sales and marketing office in Egypt, which is responsible for distributing and selling Electrolux products in the Egyptian market. Electrolux is a major player in the Egyptian appliance market.
-SAAB-
- Saab is a Swedish aerospace and defense company that has a presence in Egypt. Saab's main activities in Egypt include: Defense and security, Civil aviation, Traffic management.
- Contract for the supply of 24 Gripen E fighter jets: This contract was signed in 2015 and is worth SEK34.9 billion (US$3.9 billion). The first Gripen E jets were delivered to the Egyptian Air Force in 2020. Source: Saab press release
- Contract for the supply of 50 BAMSE radar systems: This contract was signed in 2014 and is worth SEK10 billion (US$1.1 billion). The deliveries of the BAMSE radar systems to the Egyptian military began in 2016. Source: Saab press release
- Contract for the supply of 12 Saab 340 aircraft: This contract was signed in 2017 and is worth SEK1.5 billion (US$168 million). The first Saab 340 aircraft was delivered to EgyptAir in 2018. Source: Saab press release
- Contract for the supply of an ATM system to Cairo International Airport: This contract was signed in 2018 and is worth SEK1.2 billion (US$135 million). The ATM system was delivered to Cairo International Airport in 2020. Source: Saab press release
-Atlas Copco-
Atlas Copco Egypt is a major player in the Egyptian industrial sector.
The company has been present in Egypt since 1950 and has a strong presence in the Egyptian market.
Atlas Copco Egypt offers a wide range of products and services to Egyptian customers, including: Compressed air and gas solutions, including air compressors, dryers, and filters, vacuum pumps and solutions, industrial power tools and assembly systems, rental solutions for compressed air, vacuum, and power tools, aftermarket services, including maintenance, spare parts, and training.
-ABB-
ABB is a major player in the Egyptian energy and industrial sectors.
ABB has been present in Egypt since 1929. The company has a strong presence in the Egyptian market and offers a wide range of products and services to Egyptian customers, including: Power systems and services, Industrial automation, Motion control, Robotics, Electrification products, Digital solutions.
-Deloitte-
Deloitte in Egypt is a leading provider of audit, tax, consulting, and financial advisory services to public and private clients of all sizes and industries. Deloitte has been in Egypt for over 65 years and has a strong presence in the market, with over 1,500 employees.
-Haleon-
Haleon has a presence in Egypt, where it sells a range of consumer healthcare products, including over-the-counter medicines, vitamins and supplements, and oral care products.
-Elgiganten-
Allianz has been operating in Egypt since 1994 and has a strong presence in the Egyptian market.
-Allianz-
Allianz Egypt is a major player in the Egyptian insurance market.
Allianz Egypt offers a wide range of insurance products and services to Egyptian customers, including: Life insurance, Health insurance, Property and casualty insurance, Travel insurance, Corporate insurance.
-Investor AB-
The company has been investing in Egypt since 1998 and currently has investments in a number of Egyptian companies, including:
- EFG Hermes Holding
- Orascom Construction Industries
- Edita Food Industries
- Fawry for Banking and Payment Technology Services
- Almarai Company
-Red Bee Media-
Red Bee Media has a presence in Egypt through its partnership with CBC (Capital Broadcasting Center). CBC is a major Egyptian media company that owns and operates a number of TV channels, radio stations, and digital platforms. Red Bee Media provides a range of services to CBC, including playout, broadcast management, and content delivery. Red Bee Media also has a number of other clients in Egypt, including: ON TV, Nile TV, TeN TV, MBC Masr, Al Hayah TV.
-Wallenius Wilhelmsen-
Wallenius Wilhelmsen Line has a presence in Egypt through its agent, Barwil Egytrans Shipping Agencies S.A.E. Barwil Egytrans has offices in Alexandria, Port Said, and Suez.
-Ericsson-
Ericsson has been present in Egypt for over 125 years, and is a leading provider of communications technology and services in the country.
In addition to its work in the telecommunications sector, Ericsson is also involved in a number of other projects in Egypt, including:
- The development of Egypt's Smart City initiative
- The deployment of a nationwide e-government system
- The provision of Managed Services to Egyptian telecom operators
-Egyptian Armed Forces, General Intelligence Service (GIS) and The Egyptian police-
Ericsson has had contracts with the Egyptian military, intelligence department, and police in the past. For example, in 2015, Ericsson won a contract to provide communication systems to the Egyptian military. In 2017, Ericsson won a contract to provide communication systems to the Egyptian intelligence department. And in 2018, Ericsson won a contract to provide communication systems to the Egyptian police.
-Missing Children-
According to the National Council for the Care of the Revolution Martyrs' Families and Wounded, around 1,000 children go missing in Egypt each year. However, the actual number is likely to be much higher, as many cases go unreported.
- Ministry of Social Solidarity: The Ministry of Social Solidarity is responsible for the overall coordination of efforts to prevent and respond to missing children cases.
- National Council for the Care of the Revolution Martyrs' Families and Wounded: The National Council for the Care of the Revolution Martyrs' Families and Wounded is a government agency that provides support to the families of missing children.
- Egyptian Police: The Egyptian Police is responsible for investigating missing children cases.
- Missing Children Egypt: This NGO is dedicated to finding missing children and reuniting them with their families.
- The Egyptian Foundation for Missing Children: This NGO is also dedicated to finding missing children and reuniting them with their families.
- The Egyptian Association for the Care of Missing Children: This NGO is dedicated to providing support to the families of missing children.
- The Egyptian Network for the Protection of Children: This NGO is a network of organizations that work on child protection issues, including missing children.
- The Egyptian Red Crescent Society: The Egyptian Red Crescent Society is a humanitarian organization that provides a variety of services, including support to the families of missing children.
-Scandal-
- Electrolux: In 2011, Electrolux was one of several companies that were found to have been involved in price-fixing in the Egyptian appliance market. The companies were accused of colluding to fix the prices of appliances, which led to higher prices for consumers. Electrolux was fined 138 million Egyptian pounds (US$24 million) by the Egyptian Competition Authority for its role in the price-fixing scandal. The company also apologized to consumers for its role in the scandal.
- Electrolux: In 2019, Electrolux was also accused of using child labor in its Egyptian factories. The company denied the allegations, but it did launch an investigation into the matter. The investigation found no evidence of child labor, but the company did find that some of its suppliers were using child labor.
- Allianz: 2021, Allianz was also accused of being involved in a corruption scandal involving the Egyptian government and a number of other companies. The company denied the allegations, and the case is still ongoing.
- Investor AB: EFG Hermes Holding was accused of insider trading. The company denied the allegations and was later cleared by the Egyptian Financial Regulatory Authority.
- Investor AB: 2021, Orascom Construction Industries was accused of corruption in connection with a dam construction project in Ethiopia. The company denied the allegations, and the case is still ongoing.the Grand Ethiopian Renaissance Dam (GERD), is being built on the Blue Nile, which is the main source of water for the Nile River, which flows through Egypt.
- Ericsson: 2019, the company was fined $2 billion by the US Securities and Exchange Commission (SEC) for violating the Foreign Corrupt Practices Act (FCPA). The SEC found that Ericsson had paid bribes to government officials in Egypt and other countries to secure contracts.
- Ericsson: In 2020, the Swedish newspaper Expressen reported that Ericsson had paid millions of dollars to a company controlled by a close associate of Egyptian President Abdel Fattah el-Sisi. The newspaper alleged that the payments were made in exchange for contracts and other favors.
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Scandals involving prominent companies like Electrolux, Allianz, and Ericsson serve as stark reminders of the pressing need for robust ethical standards and corporate accountability in Egypt's business landscape. These incidents highlight the potential ramifications of lapses in integrity within a globalized world and underscore the imperative for a vigilant and proactive approach to corporate governance.
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