HMBS Group, one of the largest business conglomerates in Iraq, plans to increase sales of its confectionery products by expanding its distribution network to 32 countries this year, a top company executive said.
The group has invested Dh220 million to set up a modern confectionery plant in Jebel Ali as a part of a Dh370-million investment drive in Dubai. Currently, its products are available in 12 countries and sales amounted to Dh30 million.
"The company will achieve Dh100 sales target this year as we received a good response from the market after commencing product from Jebel Ali plant in 2009," said Faisal Aziz Lilo, Regional General Manager of HMBS.
Talking to Khaleej Times on the sidelines of the Gulfood exhibition on Wednesday, he said initially the group allocated Dh150 million for the confectionery plant, but later it increased to Dh220 million after signing a joint venture with a regional strategic partner. He said HMBS Group participates in food exhibitions regularly to introduce its products in the market. "We participated in Sweet Middle East in Dubai last year and received good response from the stakeholders."
The Baghdad-headquartered group, which has interests in a wide spectrum of activities ranging from real estate to food-stuff manufacturing, has also invested Dh150 million in the property sector of Dubai. HMBS (H Mahmood J. Al Bunnia & Sons Co), a family-run group with a business tradition spanning 100 years, has a regional office in Dubai to look after its business interests in the emirate.