German-based appliance maker Bosch reported 60% growth in Middle East sales during the first quarter of 2007.
Bosch has had its regional headquarters in Dubai for 10 years and sees its sales increases taking it a step closer to its goal to be the top player in the Middle East home appliances market, which is valued at more than US $1.8 billion annually.
"We have quadrupled our turnover in the past 5 years. This is an exceptional rate of growth, which has increased our annual Middle East revenue, based on the market selling figure, to over $150 million in 2006," said Heiko Fischer, Bosch Middle East's managing director (pictured). "The last 2 years in particular have been very good to Bosch in the region. Customers with increasingly large disposable incomes are demanding the very best products and are willing to pay accordingly. As a result we are continuously gaining upon competitors and it is fair to say we are aiming to be a future market leader in the Middle East."
Last year Bosch's revenues grew a substantial 13% worldwide, making it the fastest growing of the top 10 home appliance companies internationally. The growth in the Middle East has been even more rapid - 2006 saw 60% growth compared to 25% in 2005.
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