Midea, one of the world’s largest air-conditioning and home appliances manufacturers and also the first company from the Chinese household appliances industry to enter the Fortune Global 500, is celebrating a significant milestone this month, marking 50 successful years in business.
A frontrunner in the home appliance industry, Midea is celebrating five decades of innovation and growth with operations in 21 production facilities worldwide and 260 logistical partners, including Taqeef, the Middle East’s leading air-conditioning solutions provider.
The Midea name has been synonymous with excellence in air-conditioning manufacture and its industry position has experienced steady growth with the group’s 2017 Annual Report revealing that the manufacturer had achieved a total revenue of RMB241.92 billion ($37.18 billion), up 51.35 per cent compared to 2016, and a net profit of RMB18.61 billion ($2.86 billion), representing a year-on-year increase of 17.33 per cent.
However, like many innovative and respected brands operating successfully globally, Midea has become a target of counterfeiting and has witnessed some of its key products being manufactured and sold.
By greatly compromising quality and reliability, these products are being sold on the open-market under a slightly different name and otherwise passed-off as the original, he stated.
Bihong Ding, the sales director for Middle East, said: "This is an important milestone for us at Midea and our 50 years in business is testament to our attention to detail, quality and technological innovation."
"However, as an internationally recognised pioneer of household appliances with growing global operations and an increasingly intelligent supply chain system, this is also why we have captured the attention of counterfeiters who attempt to copy our products," stated Ding.
"We only partner with trusted distributors, such as Taqeef, and those with the necessary knowledge and expertise to honour our commitment to the highest level of quality and customer care with regards to service and maintenance. There should be no compromise when it comes to quality and safety," he added.
Taqeef CEO Tariq Al Ghussein said: "Since we began working with Midea in 2007, we have had great success in achieving some remarkable results."
"We are proud to celebrate Midea’s 50th Anniversary year, a company that share our passion for innovation and quality and we look forward to focus our combined expertise ensuring steady supply of premium and genuine products to the UAE market," he added.-TradeArabia News Service
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