Mubasher: NIA Limited saw the best growth in 2015 and 2016, and increased its business volume both through domestic and export channels to build Gree into No. 1 brand for air conditioners.

The company serves, as of 2016, over 100 accounts in the UAE, including key accounts with turnover exceeding AED 10 million, NIA Limited managing director Zakir Ahmed told Mubasher in an emailed interview.

There is a plan to expand the corporate and retail channels to achieve AED 500 million in the next 2 to 3 years, he revealed.

The GCC accounts for over 50% of the total air conditioning units sold in the MENA region, with the UAE and Saudi Arabia being the largest markets, the top official said, noting that the Gulf market was likely to grow at a compounded annual growth rate (CAGR) of 7.4% until 2016.

“Extreme climatic conditions, rising disposable income, growing construction activities in both commercial and residential sectors, coupled with various government initiatives aimed at improving energy efficiency, are key drivers spurring market growth,” Ahmed added.

GREE units are distributed in UAE and Iran by NIA Limited. The brand’s sales volume has crossed a milestone of 750,000 units as of mid-May 2016.

GREE’s market share was close to 10% in 2015, and the company aimed to acquire 18% market share with sales of 155,000 in the UAE in 2016.

NIA is authorised to sell GREE in UAE and Iran only, Ahmed noted, adding that GREE’s plan was to double the sales in 2016.