HP targets billion dollar business in Middle East

HP Middle East is prowling the halls of Gitex today in search of the sales that will help it smash the US$1 billion barrier for the first time.

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By  Stuart Wilson Published  September 25, 2005

HP Middle East is prowling the halls of Gitex today in search of the sales that will help it smash the US$1 billion barrier for the first time. Should the show go well, then the 700-strong regional team will pass the billion dollar revenue mark by the end of its financial year, which closes on October 31. The company came agonisingly close to the magic billion mark last year, but just missed out. “For this financial year, HP Middle East will end up at about the US$1.2 billion to US$1.3 billion sales mark,” says Joseph Hanania, managing director at HP Middle East. “In a market worth US$5.6 billion, that is not a bad place to be,” he adds. Solid growth in regional IT spending has propelled HP’s sales skywards during fiscal year 2004/05, and record sales are now on the cards. “The total market size for 2005 as estimated by IDC is US$5.6 billion. Last year the market was worth US$5.1 billion so we are seeing growth of 10%,” says Hanania. “In the first half of our fiscal year in the Middle East our sales growth was 29% — we achieved three times the overall market growth rate.” With its expansive product portfolio, much of which is on display today, HP has benefited from the region’s increased consumer demand and a buoyant enterprise IT spending climate.

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