JEDDAH — Valued at $25.7 billion, the Middle East and Africa (MEA) retail market became the world's fastest growing market for beauty products. Analysts have also predicted that the region will grow at a rate of 4.8 percent, year-on-year till 2019. This is twice the global average growth rate and even more than the world's next fastest growing market, Asia Pacific. The UAE retail sector alone is expected to grow this year more than 33 percent. In a market that is the currently booming, the customers are ready for new and innovative products. Ready to ride this growth wave, Masrouji Group has entered the progressive GCC market with a wide array of beauty products set for launch. Founded in 1959 in Jerusalem, Masrouji Group was set up by a group of dedicated people who dared to raise the bar and set new benchmarks for high-quality beauty products. Now the brand has launched in the GCC with a strong team, backed by years of experience in some of the region's top companies. The group is one of the leading trading and investment companies in Palestine and brings its belief of building lasting relationship with its clients to this region. “With our industry experience, an established network and entrepreneurial foresight, our team is well poised to take full advantage of the additional opportunities in this growing region”, said Haytham Masrouji, CEO. “The tastes of the customers are evolving with the growing market, and we have a wide range of global innovative products to meet their beauty needs,” he added.
It is predicted that the GCC markets will continue to experience robust economic growth, increase in purchasing power and a growing population with evolving consumption choices. According to Alpen Capital, GCC retail sales are expected to reach $284.5 billion between 2013 and 2018. This is a time for big growth opportunities for all retailers, and Masrouji is here to capitalize on the situation. The brand is the market leader in Palestine and Jordan, with brands such as Alfaparf Milano in its repertoire. The brand is known for providing high quality products and solutions, which will be available in leading outlets across the GCC. — SG
