Cairo-based MM Group, a prominent automobile and consumer electronics distributor led by Egyptian businessman Khaled Mahmoud, has announced its intentions to establish operations in Saudi Arabia.
The official approval of this decision on Sept. 25 marks a historic milestone in the company’s journey, perfectly in line with its mission to extend its global presence significantly.
This bold initiative is integral to MM Group’s overarching strategy to amplify its influence and fortify its business operations. It serves as irrefutable proof of the company’s unwavering belief in the vast potential of the Saudi market.
The exact capital allocation for the Saudi Arabian venture is yet to be determined. However, the board of directors at MM Group has entrusted the responsibility of overseeing the establishment procedures to Mahmoud, the company’s CEO and managing director. He will lead the effort to establish the new entity in Saudi Arabia.
MM Group, renowned for its extensive distribution network in Egypt, operates across a diverse portfolio of five divisions: automotive, consumer electronics, seamless pipes, telecom, and tractors.
The company’s client roster includes an impressive array of global brands, such as Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier, Bosch, and, most recently, Apple, the world’s largest technology company. This diverse portfolio positions MM Group as a vital player in the Egyptian market.
Mahmoud wields significant influence within the company, owning a noteworthy 10.13-percent stake valued at nearly $15 million.
His leadership has been instrumental in expanding the company’s distribution network, which now ranks among Egypt’s largest in terms of geographic coverage. This growth has been achieved by leveraging a well-established distribution platform with a presence in over 40,000 sales points, spanning distribution and retail channels.
MM Group’s foray into the Saudi Arabian market is anticipated with great anticipation, and it marks a significant milestone in the company’s ongoing mission to extend its global reach and solidify its position as a leader in the distribution of automobiles and consumer electronics.
