GBM eyes 12pc growth amid big IT spend
Dubai, February 10, 2010
Gulf Business Machines (GBM), a leading IT solutions provider in the region, said it plans to grow business by 10 to 12 per cent as IT spend is widely expected to increase in the Middle East.
Unveiling its future strategy, GBM chief executive officer Cesare Cardone said the company is poised for a significant growth in business this year and will maintain an overall growth rate of between 10 and 15 per cent over the next five years.
These forecasts were announced at a series of internal ‘kick-off’ meetings held in Dubai and other locations in the region as the company is celebrating its 20th anniversary this year.
The meetings, which form part of GBM’s annual review and are an essential part of its planning and strategizing, include in-depth analysis of the company’s performance in the last year and business growth predictions for 2010.
In its very first year of operations in 1990, GBM’s revenue totaled $50 million which increased to $361 million in 2009.
Over the past 20 years, GBM has consistently grown from strength to strength in all its operating markets from increasing its customer base to partnering with the IT industry’s global names such as IBM and Cisco, it added.
According to Cardone, GBM has become a significant player in the region’s e-Government evolution partnering with governments in UAE, Oman, Bahrain, Qatar and Kuwait.
“Over the past 20 years, GBM’s revenue has grown at a compound rate of 10 per cent which is significant considering the good and bad years in the two decades,” Cardone added.
'GBM’s strength lies both in our excellent reputation as one of the region’s leading IT solutions providers and in our pool of over a thousand experienced professionals who provide best-in-class support services to our customers,' he explained.
“As we complete 20 years, we look back with pride at our accomplishments and our heritage. At the same time we’re looking forward to building on our achievements and continuing our consistent growth over the next few years,” Cardone noted.
He pointed out that the company was confident that 2010 will witness a recovery across the IT industry. 'It will be a challenging year, but we have aggressive plans to grow sales figures by around 10-12 per cent and continue to move towards higher value solutions for our customers.
'Looking beyond 2010, we aim to continue growing at a rate between 10 and 15 per cent over the next five years,' he added.-TradeArabia News Service