Swiss electrical company ABB is targeting a sales increase of 10% in its Egyptian market for 2014 said an official source on Monday. The source, who spoke on condition of anonymity, added that, with new production lines in place, the company is targeting sales of EGP 2bn by the end of 2014.The source added that ABB, one of the longest running electrical companies in Egypt (since 1926), has recently concluded several successful administrative and economic deals with Egypt. According to the official, the company is aiming for a presence in African markets in the near future to expand operations, particularly in the energy sector. The company owns an industrial complex in 10th of Ramadan City on an area of 102,000 square metres. The Egyptian government is currently eyeing the energy sector for developments in the near future to expand new and renewable energy production. The Ministry of Electricity hopes to raise new energy production to 20% of total energy consumption in Egypt by 2020, in a bid to support private energy sector investments. The potential for sustainable energy investments comes particularly in light of newly determined kilowatt tariffs. ABB is a multinational company headquartered in Zurich, Switzerland. It was formed after the Swiss Brown Boveri company and Sweden's Asea merged in 1988. The company's activities centre around electrical equipment, industrial machinery, and related systems.
