Ghassan Ahmed Al Sulaiman Development Co. Ltd is a Saudi Arabia-based IKEA franchise. It is among the leading organizations in Saudi Arabia (Khamis 19). For over six months, I have been working at this prestigious organization as a logistics procurement officer. My primary role at the organization is to identify and evaluate suppliers, arrange for transportation of purchased goods, identify any logistical challenges, monitor the use of materials within the organization, and ensure quality record keeping. The position fits into my training because I have learned various courses on logistics and can apply the concepts while working at the organization.
Ghassan Ahmed Al Sulaiman Development Co. Ltd is an investment and development company. The organization was built upon its founder’s vision, who had an aim of identifying potentially viable investment opportunities (“Ghassan Co | Company | About Us”). The company identifies unique investment opportunities, and then supports the entities through co-investments. GHASSANCO offers investment funding and insight into the management of small and medium-sized businesses in retail, real estate, financial services, hospitality, and tourism.
Type of the Organization
GHASSANCO is a private organization but franchises for IKEA. The company was founded by Ghassan Ahmed Al-Sulaiman and has since been a private entity.
Duration in Business
Dr. Ghassan Al-Suleiman and a group of prominent businesspersons acting as its shareholders established GHASSANCO in 2004 in Jeddah, Saudi Arabia. However, the company was renamed GHASSANCO in 2007, which aimed at using the cash generation abilities of IKEA-Saudi Arabia to co-invest with other investors. Therefore, the company has been operational for the past 16 years.
The company is still growing and has approximately 26 employees. The average revenue generated each year is $4 million. The major markets that the company invests in include retail, banking, real estate, and hospitality markets. The company’s prospects depict a high potential for expansion into other sectors.
The company employs a hierarchical organizational structure because it is a company with less than 30 employees. A Chairman who is answerable to the country retail manager heads the organization. The chairperson is regarded as a sales leader in IKEA and is responsible for the organization’s key decisions. The sales leader/chairman often reports to the country operation officer, who reports to the Country Manager. A Country retail operations manager heads IKEA-Saudi Arabia operations department. At GHASSANCO, other boards of directors and the executive management assist the chairperson. Employees report to supervisors who report to the management. My department fits in retail operations and aims at fulfilling most aspects of the organization’s resources.
The primary strategy for the organization is to aim for a ‘local angle’ in its activities. This implies that the company focuses on local communities in the Kingdom and empowers them by adopting knowledge transfer mechanisms. The organization not only banks various venture capitals in the Kingdom but also seeks partners with more than just funding capabilities (Ghassan Co | Company | About Us). However, there are times when these organizations experience some shortcomings, such as selecting the wrong ventures to invest in. To mitigate such challenges, the entity invests in research and development.
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The company is in the financial industry as it offers venture capital and other investment consulting. GHASSANCO’s primary competitors include MSA capital, DSM venturing, and ACE & Company (Ghassan Ahmad Al Sulaiman Development Company – Overview, Competitors, and Employees). The industry has currently recorded tremendous progress and continues to expand. Globally, the finance and banking industry accounts for assets over 150 trillion U.S Dollars. On the other hand, Saudi Arabia accounts for more than 27% of the GCC’s total assets, making it a financial hub within the Middle East (Oxford Business Group). The financial sector has a promising growth for a long time but experiences challenges due to the COVID-19 pandemic. Another challenge is the declining oil prices that makes business difficult.
Works Cited "Ghassan Ahmad Al Sulaiman Development Company - Overview, Competitors, And Employees." Apollo.Io, 2021, https://www.apollo.io/companies/Ghassan-Ahmad-Al-Sulaiman-Development-Company/54a11d8069702d86b6510401?chart=count#employee-metrics. "Ghassan Co | Company | About Us." Ghassanco.Com, 2021, http://www.ghassanco.com/COMPANY.HTML. Accessed 14 Apr 2021. "Saudi Arabia's Banking Sector Enters A Challenging 2020 With Strong Fundamentals". Oxford Business Group, 2021, https://oxfordbusinessgroup.com/overview/solid-foundations-banking-industry-enters-challenging-2020-sound-base-and-strong-regulatory. Khamis, Susie. "Brand IKEA in a Global Cultural Economy: A Case Study." Consumer Culture: Selected Essays (2016).