Dear Friends and Stakeholders,
Since 2006, the year I was appointed as the CEO of the Paris Gallery Group of Companies, we have witnessed unprecedented growth in our retail and distribution businesses. Instituting corporate governance in Paris Gallery as early as 2006 was crucial and rewarding, and we have recorded consistent growth in revenue, profits and assets since then. The credit also goes to our employees who believed in the Group's vision, mission and values, and whose skills, integrity, and unwavering commitment were fundamental to its successes. I am thankful for the faith placed in me by our stakeholders, business partners, and employees.
In a highly vibrant and competitive luxury retail sector, with far more players than ever before, consumers expect the best products and services. Our customers are at the heart of everything we do, and we have dedicated substantial resources to developing new and better ways to enhance their shopping experiences. The scores of tourists that flock our stores all through the year and the healthy flow of UAE residents and GCC nationals who take pleasure in shopping at Paris Gallery is a testament of our commitment to customer service.
The Group's distribution arm has one of the largest distribution networks in the UAE. An extensive market reach and a comprehensive understanding of the market have made us the partner of choice for many of the world's leading brands that sought a stable market share in the region.
Also, as part of our expansion strategy, we have begun franchising. The inauguration of our first two franchise stores in Azerbaijan and Baghdad are slated for the second half of 2013. Another four franchise stores are scheduled to open in Iraq in the next three years. We are presently considering proposals that we received from countries in Asia and the Middle East.
Our corporate website will provide you with a wealth of information about the Group and its activities. I sincerely hope you enjoy your time spent here. We value relationships, and we look forward to establishing a long and fruitful relationship with you.
Mohammed Abdul Rahim Al Fahim CEO of Paris Gallery Group of Companies