Wednesday, Jan 22, 2014

Dubai: Iceland’s President Olafur Rangar on Wednesday launched a regional hub for the first Icelandic company in the UAE, LS Retail, in Dubai to provide comprehensive software solutions for retail and hospitality businesses connecting their stores, back offices and sales points.

President Rangar said that the launching of new office for LS Retail highlights the significance of growing trade links between the UAE and Iceland.

“Through the gate of the UAE market, LS Retail will run operations for the Middle East, Africa and India,” he said.

LS Retail has been the main solutions provider for the retail and hospitality sectors supported by more than 150 Microsoft certified partners in over 60 countries worldwide.

More than 46,000 stores worldwide are using LS retail software.

“As Dubai is going to host the Expo 2020 the emirate is expected to become the world’s number one city for international retainers. LS Retail has big plans for this region with its world-class retail, hospitality and mobile software solutions,” Rangar said.

Asked the reason behind the country’s president launching LS Retail, a 100 per cent private firm, in Dubai, he said that he himself came down for the launch in order to encourage the young generation of Iceland and push them to excel and grow further with technology.

Commenting on technology’s importance, Rangar said: “The main lesson we learnt from the financial crisis we suffered in 2008 is that how significant technology is in our lives. And that helped the Icelandic banks to transform into high tech organisations.”

Currently, more than 50 per cent of the retail stores in the Middle East are running solutions from LS Retail, according to Magnus Morddahi, CEO of LS Retail.

“Being based in the UAE will help the company become number one retail solutions provider globally,” he said.

Expecting a wide operation for LS Retail software in the UAE market, Waddah Laham, LS Retail’s regional director for MEA and India, said: “We will see a number of new malls come up in Dubai by the end of 2017, and that will attract a host of new names to the market. This will support the expansion of our business in this market.”

By Zaher Bitar Senior Reporter

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