FINANCIAL NEWS

LG targets $5b revenues in MEA this year

21 May 2010

(MENAFN) (MENAFN) The Korean consumer electronics giant LG Electronics said that it plans to achieve $5 billion revenue target this year in the Middle East and Africa (MEA) region, Khaleej Times reported.

LG tripled its office space and doubled staff strength by inaugurating a new office in Dubai.

The firm’s Middle East and Africa chief executive, K.W. Kim, said that this move is part of LG’s growing commitment to the UAE and recognition of the importance LG places on the Middle East market.

Kim added that the office move coincided with LG doubling its workforce to target a huge 42.8 percent hike in revenues this year.

In 2009, LG revenues for the Middle East and Africa (MEA) reached $3.5 billion and its ambitious target for this year is to breach the $5 billion mark, Kim said, adding that provisional figures for the first quarter of the year has already increased turnover by 20 percent over the same
period in 2009.

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