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Bose Expects Steady Growth This Year
DUBAI - ABM Group, the sole distributor of Bose audio products in the UAE, has decided to go ahead with its expansion plan despite the ongoing global financial crisis, says its Chariman A Majeed Bolooki.
In an exclusive interview with
Khaleej Times, he said that his company has diversified its business.
“Our group is planning to make forays into the hospitality and jewellery sectors with the opening of three restaurant in
“The company has decided to go ahead no matter what comes. We are continuing with our expansion plans as we have always done.”
He said market is going through recession, but there are ways to deal with the difficult situation.
He expects that the recession will not affect the UAE for a long time.
“By the end of third quarter, 2009 we will see the signs of improvement— and we will rise again,” he said.
Regarding banks role in providing financing to the businesses during current liquidity crunch, Bolooki said: “Banks are in a position to rescue the market. Despite liquidity crunch, banks are still financing the companies for their out sanding services. But if a company go beyond its means then banks might not be helping them out.”
“We have not gone beyond our means. We have long association with two prestigious banks — HSBC and Habib AG Zurich — another testimony of our strength as a group of companies.” Bolooki said.
“My business growth has not reduced as we speak of now. There might have been less sales in one shop, but our other outlet did good business. So, somehow it was compensated,” he said.
“We have seen 35 per cent growth last year. I’m optimistic that 2009 will be the same growth pattern. If it doesn’t increase it will not go down,” he said.
“We are proceeding according to our plan set for next three to four years which include more opening and expansions,” he said.
ABM Group has recently opened the seventh outlet of Bose in Dubai Mall.
Bolooki said: “In close partnership with leading video manufacturer, Sharp Corporation, we offer home entertainment solutions alongside personal audio systems and products to fill all your audio visual, home entertainment needs.”
“We are committed to provide our customers with best service, best place, best ambiance. I believe, people always pay whenever its good value for money no matter it is recession or boom,” he said.
He said Bose True to Life audio-visual presentation has been installed at the outlet for customers to experience the features of Lifestyle Home Entertainment systems.
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