BMB Group is one of the largest manufacturers of chocolate and Arabic sweets in the GCC region, with over 1,000 employees across operations in Qatar, the UAE and Saudi Arabia. The Dubai-based group focuses on providing solutions for chocolate and bakery professionals through its trading and confectionery business that sources ingredients, specializes in bespoke packaging for confectionery and produces a wide range of sweets.
BMB Group uses an innovative approach to incorporate corporate governance practises into its organizational structure, adopting a bottom-up strategy to drive a change in mindset in the organization through to its department leaders.
The partnership is aligned with the Pearl Initiative’s plan to roll out a comprehensive program to enhance the competitiveness of SMEs in the region through raising awareness and initiating dialogue on the benefits to business of good corporate governance and accountability principles in SMEs.
The Pearl Initiative will hold a series of roundtables and workshops and develop practical tools and guidelines specifically for current and aspiring SME leaders in the Gulf region. SMEs comprise more than 90% of all registered companies in most GCC countries and the sector is anticipated to grow significantly over the next decade.
Carla Koffel, executive director, the Pearl Initiative said: “SMEs play an instrumental role in driving job creation and economic growth. The Pearl Initiative sees a huge opportunity to strengthen the SME ecosystem by encouraging stronger corporate governance standards that will allow SMEs to increase the value of their business.”
Founded in 2006, the BMB Group has embarked on an ambitious journey to introduce professional structures into the family-run business. Bilal Ballout, CEO, BMB Group, said: “The sustainability of SMEs and growth is an ongoing challenge in the region. There needs to be greater awareness about the benefits of corporate governance for SMEs as well as the mechanisms for implementing these structures.”