Al Sayegh Brothers Group to triple turnover by 2010

At the launch of the Silver Jubilee celebrations, the group also announced a mega promotion to be held over the next 88 days where customers who make purchases worth a certain amount will be entitled to win 25 exciting prizes everyday and will also enter a raffle to win the grand prizes - two Mercedes cars.

Speaking on the occasion, Mr. Abdul Jabbar Al Sayegh, Chairman of Al Sayegh Brothers Group said: "We have identified two areas of growth as key for our group. Taking our cue from UAE's strategic direction set by H. H. Sheikh Mohammad Bin Rashid Al Maktoum, Prime Minister of UAE and Ruler of Dubai, our group will focus on the retail and technology sectors."

Retail expansion

With more than 23 million square feet of retail space coming by 2008, retail activities in shopping centers will contribute about 50 per cent of Dubai's GDP. By 2015, the number of current visitors, which stands at 4 million today is expected to go up 10 times to 40 million. This clearly indicates that growth in the reatil sector of the UAE economy is going to be very big and very fast. "We as Al Sayegh Brothers want to be ready for it as it happens," said the Chairman.

In the past one year, Al Sayegh Brothers Group has doubled its retail presence to 16 stores. This includes the launch of new retail brand concepts; E4U, the total electronics and entertainment store and Time Capsule, which will host the group's watch brands. In the next few years, the group plans to increase the number of stores to 50 and add new retail brands. This investment will help the retail division achieve a turnover of AED 100 million in 2008 and grow from there.

Growth in the technology sector

The company has, over the last 3 years, diversified into audio-visual system integration. Today the group has more than 60 - 70% market share in the fast growing hotel sector. The groups next step will see it invest substantial resources in co-developing and implementing emerging system technologies for smart homes, smart buildings which will be offered as a turnkey service.

"We are gearing up to be a major player in this industry," said the Chairman. "The future will see major technologies merging together and offering cleaner, more eco-friendly and more efficient living and working spaces to consumers. This is an important and growing business and we want to be a regional leader in this industry."

Regional expansion

Apart from consolidating it's presence in the UAE, Morocco and Afghanistan, where the group has major presence, geographical expansion will take the group into the markets of East Africa and Eastern Europe in the next phase.