Sorrell ‘bullish’ for Middle East growth
WPP chief Sir Martin Sorrell said he is “bullish” about future Middle East growth after the region was named the fastest growing area for the marketing communication’s network.
WPP chief Sir Martin Sorrell said he is “bullish” about
future Middle East growth after the region was named the fastest growing area for the marketing communication’s network.
Sir Martin told Campaign that rising oil revenues in the Gulf states were behind the growth, with advertising and media investment making significant gains for WPP in the region.
WPP-aligned agencies in the region include advertising agencies JWT, Grey Worldwide, Bates PanGulf, Team Y&R, plus media agencies MindShare and Mediaedge:cia.
First quarter revenue figures issued by WPP show that the developing regions of the Middle East, Asia Pacific, Latin America and Africa, grew by 37% in the first three months of 2006 to US$477 million in the three months ending March. In its quarterly trading update, WPP said: “The Middle East is now the fastest growing area.”
Asked which sector the growth had come from, Sir Martin told Campaign: “Across the board, but in principal, gains in the region have come in advertising and media investment management. We are also seeing movement in branding, and identity.
“The Middle East accounts for two or three percent of our revenues, a couple of hundred million dollars. We expect to see this growth continue. I am very bullish for the region.”
WPP will be holding its board meeting in Dubai at the end of the year.