Goody, a leading packaged food business from Saudi Arabia, has entered into an exclusive partnership with Gulfco (Gulf Trading & Refrigerating LLC) to enter the UAE market.
The SR 1 billion-valued business was started by Ahmed Saied Basamah in 1969.
Goody will initially launch its core ranges - pasta, tuna, peanut butter and canned corn – in the UAE market. The company has identified the country as the second most important economy in the Gulf Cooperation Council (GCC) at Dh16 billion; a 3 per cent growth over last year for the FMCG (Fast Moving Consumer Goods) sector.
“With one of the most dynamic food and beverage sectors in the region, entering the UAE now allows us to target both the domestic and trade arenas. Partnering with Gulfco provides us with access to the UAE’s leading retailers and traders, through their longstanding relationships,” said Khalid Temairik, General Manager of Goody.
The UAE has the highest level of urban development in the GCC. Goody insists on strong market research to understand the habits of consumers.
Gulfco has been a leading distributor of FMCG in the UAE since 1962, and its relationships with leading trade channels provides Goody with the best possible access to established retailers in the packaged food sector. Goody has an initial target of 400 plus stores in modern trade and 500 stores in traditional trade, with a growth potential to 11,000 stores across the country.
“This partnership provides us with the opportunity to offer more choice to our customers, while giving consumers quality products, made in the region, and designed to cater to the modern way of life,” said Khaled Issa, CEO at Juma Al Majid Group, the partner company of Gulfco.
Goody has identified the UAE as its first priority in growing the brand across the region. The UAE’s Horeca (hotel/restaurant/café) business could represent up to 50 per cent of Goody’s business in the country.