BAHRAIN is set to become the beauty capital of the Gulf, by attracting a growing number of cosmetics companies from around the world, according to an expert.
The nation’s investor-friendly climate is not only drawing firms from Switzerland, France and the US but also from Asia and countries such as Turkey and Italy.
“This is great news for Bahrain’s cosmetics industry,” said Veggius for General Trade Company chief executive Dr Mohammed Al Shaikh.
The growing cosmetics industry in the country is increasingly becoming one of the vital and growing sectors of the national economy, he said adding that it posted a turnover of more than BD60 million in 2017 which is expected to reach BD70m by the end of this year.
Helping boost the sector are Bahrain’s legislation and facilities aimed at attracting foreign investments, he added.
“The cosmetics industry is playing a major role in contributing to the nation’s GDP (gross domestic product) and diversifying Bahrain’s income sources,” said Dr Al Shaikh.
He was speaking to the GDN on the sidelines of a ceremony during which his company signed an exclusive distributorship agreement with the Swiss cosmetics and body care company Mavala Switzerland.
“Bahrain is set to become the beauty capital of the Gulf and all the growth potential of this sector is available here,” he said.
Competition
“There is also a high level of competition in this sector in the market, because of the tremendous growth that Bahraini society has been experiencing over the past few years.”
He said the most important feature of this sector is that it is purely women-oriented, with products widely distributed in all beauty salons, retail stores and pharmacies.
It also has the potential to provide job opportunities for women.
The beauty and personal care industry in the Middle East and North Africa (Mena) region, valued at $15.9 billion, is poised to grow twice as fast than the rest of the world with a staggering compound annual growth rate of 8.5 per cent in the next three years, while the global industry, which is worth $444bn, is estimated to grow at 4.2pc per annum.
These findings were revealed in the Millennial Capital’s latest Mena Beauty Care Report attributing them to high spending per capita, affordable prices, strong consumer confidence, high literacy rates and young population with a high social media exposure.
Among the key categories that contribute most of the beauty and personal care market size are skincare, haircare, colour cosmetics, fragrances and men’s grooming.
Dr Al Shaikh said Bahrain’s investment climate is attracting companies from all over the world, besides Switzerland, France and the US considered to be the top countries for cosmetic products.
“It used to be that just a few countries were looking to bring their products to Bahrain but it’s expanding; there’s Switzerland, France, America and now you have companies from Asia, Turkey and Italy, all of which is great for Bahrain’s cosmetic industry,” he said.
ghazi@gdn.com.bh
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