24 January 2010
MUSCAT: Bahrain's Y.K. Almoayyed Group plans to generate 30 per cent of its revenues from other countries in the GCC region such as UAE, Qatar and Oman in the next five years, its chairman said.
The 70-year group currently generates 80 per cent of its annual revenues of $350 million from Bahrain while the balance from other markets in the region, he said.
It has interests in electronics, air-conditioning, automobiles, heavy equipment contracting, building materials, commercial and home interiors, medical technology, perfumes and cosmetics, consumer goods, real estate, among others.
It generates nearly two-fifth of its revenues each from construction and trading activities while the balance from other activities, he said. The group employs over 5,000 people and provides sales, distribution and service facilities in key industry sections while representing over 300 brands from all over the world.
Its group firm, Almoayyed Integrated Enterprise relaunched Daewoo brand of electronic goods such as refrigerators, air-conditioners, washing machines, microwave ovens and televisions in Oman last week through a wholesale marketing and distribution deal with the South Korean firm.
"Having been associated with them (Almoayyed Group) in UAE & Qatar, we are eager to serve Oman consumers with dedicated sales and service network," said DC Lim, managing director of Daewoo Electronics Middle East FZE, a subsidiary of Daewoo Electronics Corporation of South Korea said in a statement.
Despite the recession and economic crisis in the international market, Daewoo Electronics Middle East has made good progress in its sales for the year 2009, he added.
The Almoayyed group plans to launch its retail operations in the Sultanate in future and also get into construction activities.
It already provides networking and other support services in the area of information technology in Oman, he said.
"We will go slow," he said referring to the group's retail plans in Oman as a retail operation would be feasible only with multiple brands under one roof.
With respect to construction activities, he said the group may or may not look for a local partner to start its operations in the Sultanate. "If we own, will be smaller and if we have a partner, it will be bigger," he said.
MUSCAT: Bahrain's Y.K. Almoayyed Group plans to generate 30 per cent of its revenues from other countries in the GCC region such as UAE, Qatar and Oman in the next five years, its chairman said.
The 70-year group currently generates 80 per cent of its annual revenues of $350 million from Bahrain while the balance from other markets in the region, he said.
It has interests in electronics, air-conditioning, automobiles, heavy equipment contracting, building materials, commercial and home interiors, medical technology, perfumes and cosmetics, consumer goods, real estate, among others.
It generates nearly two-fifth of its revenues each from construction and trading activities while the balance from other activities, he said. The group employs over 5,000 people and provides sales, distribution and service facilities in key industry sections while representing over 300 brands from all over the world.
Its group firm, Almoayyed Integrated Enterprise relaunched Daewoo brand of electronic goods such as refrigerators, air-conditioners, washing machines, microwave ovens and televisions in Oman last week through a wholesale marketing and distribution deal with the South Korean firm.
"Having been associated with them (Almoayyed Group) in UAE & Qatar, we are eager to serve Oman consumers with dedicated sales and service network," said DC Lim, managing director of Daewoo Electronics Middle East FZE, a subsidiary of Daewoo Electronics Corporation of South Korea said in a statement.
Despite the recession and economic crisis in the international market, Daewoo Electronics Middle East has made good progress in its sales for the year 2009, he added.
The Almoayyed group plans to launch its retail operations in the Sultanate in future and also get into construction activities.
It already provides networking and other support services in the area of information technology in Oman, he said.
"We will go slow," he said referring to the group's retail plans in Oman as a retail operation would be feasible only with multiple brands under one roof.
With respect to construction activities, he said the group may or may not look for a local partner to start its operations in the Sultanate. "If we own, will be smaller and if we have a partner, it will be bigger," he said.
© Times of Oman 2010
