Cibes Lift Group signs joint venture with the Al-Qaqa Group in Dubai
Cibes Lift Group signs a joint venture with the Al-Qaqa Group. The new company, Cibes Lift MENA DWC-LLC, will intensify marketing efforts for low speed lifts on key markets in the Middle East, such as Saudi Arabia, United Arab Emirates, Qatar and Kuwait. The new company will benefit customers and existing distributors by providing local services and support in the MENA region (Middle East and North Africa). The creation of Cibes Lift MENA DWC-LLC, makes Cibes Lift Group the first low speed lift manufacturer in the world to establish themselves in the Middle East.
The joint venture company will strengthen the cooperation between Cibes Lift Group and the Al-Qaqa Group, which was a Cibes Lift Group distributor for several years. The company will be headed by Al-Qaqa Group CEO, Khalid Al-Qaqa.
The Al-Qaqa Group has experienced very rapid growth over the last 10 years. The group has more than 600 employees in companies in the Middle East, Europe, Africa and Asia. Operations are divided into six divisions where lift sales are part of the Elevators & Escalators Division. Each year, the Al-Qaqa Group sells more than 1,000 lifts and escalators. Lift sales include both conventional and low speed lifts. Group CEO Khalid Al-Qaqa sees considerable opportunities to increase low speed lift sales:
“This investment together with Cibes Lift Group is important to us. Cibes is already a strong brand in the region. As a distributor, we have built up good knowledge of the company's lifts and with a joint venture company as a platform, we will be able to act even more aggressively and increase our market share. The combination of a sales channel and increased support to distributors in the region means that I am very optimistic regarding our market opportunities”, states Mr. Khalid Al-Qaqa, head of Cibes Lift MENA DWC-LLC.
The right time for Cibes Lift group to invest in the Middle East
Cibes Lift MENA DWC-LLC is the next step in the strategy of Cibes Lift Group to establish ourselves in countries and regions with large-scale market potential. Over the past three years, we have created several new companies in countries like China, Hong Kong, Spain and France.
“We want to increase sales significantly in the Middle East which is a region with tremendous market potential. In order to succeed, we must work closer to our customers, be active in the support we provide to architects and building planners and support our distributors even more than we already do”, says Mats Engblom, CEO of the Cibes Lift Group.
Mats Engblom thinks that the time is right for expanding and intensifying our efforts in the Middle East:
“This is a fast-growing region with great potential for our low-speed lifts both in the private housing market and public environments. One important market is Saudi Arabia which accounts for a considerable proportion of all new construction projects in the region. The housing sector is the focus of our efforts, but offices, banks, hospitals and commercial buildings also install many low speed lifts. The fact that we are carrying out this establishment along with the Al-Qaqa Group is a strength, as this company is very well known, has vast resources and the local market knowledge that is so important to have in this region.”
For more information, please contact:
CEO Mats Engblom, Cibes Lift Group, +46 26 17 14 00
CEO Khalid Al-Qaqa, Cibes Lift MENA DWC-LLC, +971 4 8870740
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