The Arab Economic Forum, held in Beirut between the 16th and 17th of June, hosted Dr. Saad Al Barrak, Managing Director and Vice Chairman of MTC Group among the panelists discussing the opportunities and challenges facing Arab companies in the midst of liberalization and free trade agreements.
“MTC, with over 23 years experience in the Kuwaiti market and equipped with a successful business profit history, felt the need to expand outside the region. However, it is not an easy task as we are facing major obstacles: the lack of openness and the high price we pay to attain the truth. The elite class in both the business and government sectors here today need to open up and discuss issues in a transparent manner,” stated Al Barrak.
According to Al Barrak, Arab companies cannot compete unless they work on the political and social situation in the countries they operate in. There should be a dissolution of fear and isolationism, a structure still inherent in our society. Indeed, Arab countries need to rid themselves of their protection policies.
He added “No company can succeed internationally unless they succeed locally first. Today MTC competes with international companies in the regions we operate in and we are doing very well”. Reform should be a holistic program connected to political restructuring or efforts will go in vain, he explained.
When MTC embarked on its 3X3X3 strategy to achieve 20 million customers by 2011 on a global level, it entered into a branding partner agreement with Vodafone. Soon afterwards the company began its acquisition strategy and in less than 18 months was operational in 5 countries across the region including Kuwait, Jordan, Bahrain, Iraq, and Lebanon.
Today with its acquisition of Holland based Celtel, MTC is now present in 18 countries with approximately 10 million customers.
“ In order for us to compete on a global level we need to ensure a market capitalization of 20 billion dollars, along with providing our customers with excellent lifestyle services, “ ended Al Barrak.
