JEDDAH: Family businesses, which have a good track record across Saudi Arabia, have a great future, but what is required to be done is to take every stakeholder into confidence and adopt a united governance approach, Khaled O. Balubaid, executive president of Balubaid Group, said while listing the group’s achievements and future strategies at a press conference at the Park Hyatt Hotel on Wednesday night.
“We have taken more than two years to restructure the group, a family establishment, to the best satisfaction of everyone with the cooperation of finance specialists, legal advisers, and other experts, and as a result we have posted higher turnover and higher profits in 2009 compared to the previous year, despite the world economic downturn,” Balubaid said. The group later celebrated its achievements and unveiled 2010 vision at a reception, which was attended, among others, by Mike Devereux, president of GM in the Middle East. Marking the event was a presentation on “Proud of the Past, Eager for Tomorrow,” which traced the evolution of the group and focused on its 58-year legacy since the opening of its first spare parts outlet in Jeddah.
In his welcome address, Balubaid said 2009 was a challenging year, but with the participation of a strong and talented work force and stakeholders, the group has progressed even under challenging market conditions. “With the success of 2009 behind us, we are eager for 2010,” he added.
“Today, we are not only well rooted in the automotive sector with agencies and dealerships of world’s different carmakers including General Motors, but also have carved out a well deserved image for ourselves by diversifying into other sectors including manufacturing, trading, food and beverage, consumer finance and real estate,” he said.