German group to embark on a strategic expansion into Saudi Arabia and Oman in 2024
DUBAI: German engineering and technology firm Bosch has demonstrated commendable resilience and growth in the Middle East market, despite facing significant challenges in the 2023 fiscal year.
With a notable three per cent increase in sales amounting to €490 million, the company’s success is a testament to its adaptability and commitment to excellence.
Per Johansson, general manager of the Bosch Group in the Middle East, attributes this success to the unwavering dedication and hard work of the 485 associates employed by Bosch in the region as of December 31, 2023.
The growth experienced by Bosch in the Middle East can be credited to the contribution of various divisions within the company, including Bosch Rexroth, Building Technologies, Mobility Aftermarket, and the Bosch Global Software Technologies subsidiary.
Looking ahead, Johansson expresses optimism for the future, emphasizing Bosch’s commitment to driving growth through its technology focused on enhancing the quality of life, as encapsulated in its motto ‘Invented for life’.
The company is poised to accelerate its growth trajectory in 2024 and beyond, with a strategic focus on continued regional expansion.
Ambitious vision
In line with its ambitious growth plans, the Bosch Group is set to embark on a strategic expansion into the Kingdom of Saudi Arabia and Oman in 2024.
Johansson underlines the strategic importance of these growing markets in the Middle East, citing their vast potential for expansion driven by significant economic reforms, infrastructure development, and a strong emphasis on sustainability. Bosch’s expansion into these regions signifies its unwavering commitment to strengthening its footprint in the Middle East.
On a global scale, the Bosch Group reported a commendable 3.8 per cent increase in global sales, amounting to €91.6 billion for the 2023 fiscal year.
Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, emphasises the company’s ambitious goal of ranking among the top three suppliers in its key markets worldwide.
“The ambitious vision underscores Bosch’s unwavering commitment to pursuing innovation, fostering strategic partnerships, and engaging in strategic acquisitions to ensure sustained growth and success, even in the face of economic headwinds.”
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