Muscat: Bahrain's Y.K. Al Moayyed Group has entered Oman to tap the fast-growing middle-level market for electronic appliances in the country.
Speaking at a media launch held at the Grand Hyatt Muscat over the weekend, Farouq Yousuf Al Moayyed, Chairman of the Y.K. Al Moayyed Group, said: "We are entering Oman by re-launching Korean electronics appliance brand Daewoo as we see tremendous potential in this market."
He revealed that the Bahrain-based group was planning to generate 30 per cent of its revenues from the other Gulf Cooperation Council countries.
Alan James Guest, CEO of the group, said: "We already have operations in the UAE and Qatar.
"The 70-year group generates 80 per cent of its annual revenues of $350 million from Bahrain with the balance generated from other markets in the region."
D.C. Lim, managing director of Daewoo Electronics Middle East, a subsidiary of Daewoo Electronics Corporation of South Korea, was optimistic about the market for electronic appliances in the region.
"During the global economic recession, Daewoo electronics' growth in the Middle East region was surprising better than its other competitors," Lim said.
The Al Moayyed group employs over 5,000 people and Oman country manager C.V. Pradeep Kumar said the group was "targeting 60 per cent of Omani staff once our operations get going in full flow".
Guest pointed out that the Al Moayyed group plans to add construction activities to their Oman operations.
