Saudi Arabian packaged food business, Goody, has entered an exclusive partnership with Gulf Trading & Refrigerating LLC (GULFCO) to distribute its packaged products to the UAE.
Initially the company will launch its core ranges of pasta, tuna, peanut butter and canned corn in the UAE, a market it estimates being worth AED 16 billion for the Fast Moving Consumer Goods (FMCG) sector, with a 3% growth over the past year.
Khalid Temairik, general manager of Goody commented: “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, providing quality packaged foods and diversity of choice to customers.
“Partnering with GULFCO allows us to facilitate a smooth entry, and provides us with access to the UAE’s leading retailers and traders, through their longstanding and committed relationships.”
Goody has an initial target of 400 plus stores in modern trade and 500 stores in traditional trade, with a growth potential of 11,000 stores across the country.
The company also has plans to tap into the UAE’s horeca sector, which could represent up to 50% of Goody’s business in the country.
Khaled Issa, chief operating officer at Juma Al Majid Group, the partner company of GULFCO, said: “Goody represents decades of trust and quality from the region that families and professionals have come to respect and trust.
“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.”
Goody, valued at SAR 1 billion (US $267 million), was founded by Ahmed Saied Basamah in 1969, with the aim of becoming the leader in the regional packaged food sector, by sourcing the best quality foodstuffs from leading food producing countries around the world.
GULFCO has been a leading distributor of FMCG in the UAE since 1962, and its relationships with trade channels provides Goody with the best possible access to established retailers in the packaged food sector.
The distributor already represents brands such as Maxwell House Coffee & Dream Whip (Mondelez – USA), Douwe Egbert’s Coffee, Wrigley (Mars Inc. – USA), and Perrier (Nestle Water – France) among others.