i2’s rapid growth continues with CompuMe acquisition

Saudi Arabian distribution powerhouse i2 is celebrating its recent acquisition of CompuMe’s UAE operations at this year’s GITEX KSA. i2 CEO Abdul Hameed Al Sunaidi hailed the purchase as a ‘momentous occasion’ for the group.

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By  Stuart Wilson Published  April 15, 2007

Saudi Arabian distribution powerhouse i2 is celebrating its recent acquisition of CompuMe’s UAE operations at this year’s GITEX KSA. i2 CEO Abdul Hameed Al Sunaid hailed the purchase as a ‘momentous occasion’ for the group. The move was announced as i2 declared its intentions to open a further 150 retail outlets across the region by 2010 at a cost of US$35m. i2 boasts a regional presence of 340 outlets in over 22 countries and claims it is now the biggest sole provider of combined consumer electronics, IT-based and mobile handset products in the Middle East and Africa. The company also indicated that its expansion programme would target African markets, such as the Ivory Coast and Senegal, in 2007. “This is a momentous occasion for the i2 Group as we pursue our goal of becoming the largest retailer in the region,” commented Abdul Hameed Al Sunaid, CEO of the i2 Group. “Undoubtedly, i2 is the only consumer electronics, telecommunications, and IT retailer network that spans the Middle East and Africa region.” The Saudi-based company announced revenues of US$1.3 billion for 2006, up from US$387m for 2005, and forecast revenues of US$3.2 billion in the coming year. Dikram Tchablakian, vice chairman of CompuMe, will take up the position of senior vice president of the i2 Group in addition to his current role. The deal was agreed in January 2007, two years after Tchablakian entered into a partnership with i2 to acquire CompuMe’s UAE operations. The deal saw Tchablakian control 40% of the business with i2 owning the remainder of the franchise. Saudi-based i2 has embarked on a rapid expansion strategy, which has included innovative moves such as the launch of its own TV station.

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