Samyang Foods, Full-Scale Entry into Middle East Market... 2023 Sales Target of 50 Billion Won

Exclusive Supply and Distribution Agreement Signed with UAE Saryasa

At the business agreement ceremony held locally in the United Arab Emirates on the 16th, Kim Jeong-su, President of Samyang Foods (left), and Abdulla Mohamed Heral Al Kabi, CEO of Saryasa, are posing for a commemorative photo. (Photo by Samyang Foods)

[Asia Economy Reporter Lim Hye-sun] Samyang Foods announced on the 17th that it has signed an exclusive supply contract with Saraya General Trading and a business agreement to expand its entry into the Middle East.

The contract, held on the 16th in the UAE, was attended by Kim Jeong-su, President of Samyang Foods, and Abdullah, CEO of Saraya General Trading.

Saraya General Trading is an affiliate of Saraya Holdings based in Abu Dhabi, equipped with abundant capital and distribution networks, engaged in the export, import, and distribution of consumer goods.

Through this contract, Saraya plans to increase Samyang Foods' market share in the UAE ramen market, which prefers stir-fried noodles, from 71% of Korean ramen exports to the UAE this year to 85% in 2023.

The UAE is currently the largest sales market among the Middle Eastern regions where Samyang Foods exports, with products stocked in large supermarkets and convenience stores such as Carrefour and COOP. Additionally, active marketing activities are being conducted, including tasting and sales of Buldak Bokkeum Myun at the Samyang Foods booth located in Dubai Global Village.

Going forward, Samyang Foods and Saraya will select Syria, Lebanon, and other countries as strategic markets within the Middle East and actively expand their market presence. Samyang Foods' export volume to the Middle East this year is expected to be around 25 billion KRW, with a target of 50 billion KRW for 2023.

A Samyang Foods official stated, "The UAE has a large economy in the Middle East and serves as a cultural and distribution hub, making it an important market for entering the Middle East region," adding, "Through this contract, we plan to actively expand the Middle Eastern market starting from the UAE."

This content was produced with the assistance of AI translation services.