Gordon Jones

'We saw 33% growth in sales in the region in 2003 despite all the problems of last year,' says Canon Middle East President Gordon Jones. He hesitates, but adds that he hopes to maintain 30% plus growth in 2004.

'In 2004 we will launch 15 new digital cameras and they will be launched here simultaneously with the worldwide launch. Canon has invested heavily in digital technology, and is No1 in cameras in Japan.'

Mr. Jones admits that the weakness of the US dollar has caused some price rises, and may cause some more in 2004. But he says the true position is 'very complicated' with better technology used to offset rising prices in many areas.

'The Dubai Shopping Festival was particularly good for us,' he says. 'It was not just the digital cameras, which sell like hot cakes everywhere, but also the printers sold well and they have a slower take-up in most markets.'

However, there is not just life in Dubai. Mr. Jones can see growth potential in all 13 markets covered by his office, though particularly in the UAE, Saudi Arabia and Iran.

Last year sales were spread evenly around the Canon portfolio with cameras at 27%, business equipment 36% and personal products 37%.

'Even in Iraq we are well positioned and already doing business,' he says. 'We are pleased with performance. And we also see great potential in Libya. We have seen a recovery in Egypt in 2003 and good growth in the Levant.'

This strong performance in the Middle East fits in with Canon's group strategy of becoming an Excellent Global Corporation. The objective is to be clear No1 in core businesses of the group, invest heavily in research and development, and keep finances strong.

As the world's No1 camera maker and laser printer manufacturer Canon is closing in on this ambitious target.

The group was also ranked second for the filing of US patents in 2003, behind IBM, and invested $2.5bn in R&D. And strong cash flows delivered a 45% hike in net profit to $2.6bn last year.

At a time when digital imaging technology is catching the world's imagination, this is really Canon's day, and the future still looks very bright.