Major oil deals in Middle East for Paradox
Belfast-based Paradox Omega Oils has announced a series of deals in the Middle East following participation with Invest Northern Ireland in a major international trade event.
Paradox, which was founded in 2007 by Michele Hayhurst and husband Dr Geoff Hayhurst, a leading osteopath, specialises in the development of innovative omega oil supplements. The company announced the new business, which could provide a substantial increase in turnover in the next two years, ahead of its participation with Invest NI in the 2013 Arab Health exhibition in Dubai.
The contracts will help the company to establish a strong presence in key Middle East markets, with Paradox products to be displayed on the shelves of pharmacies in the United Arab Emirates, Qatar and Jordan over the next few weeks.
Much of the new business won by Paradox is the outcome of the company’s participation in the Arab Health exhibition in previous years and Paradox will be among eight local companies taking part in the 2013 show with Invest NI support.
Welcoming the export success, Invest NI’s Director of Trade, Dr Vicky Kell, said: “Paradox has made impressive progress in a region where the market for health products is currently worth more than £50 billion annually. Participation in Arab Health is a major event in Invest NI’s programme of export activities for local companies in the important and developing life sciences sector.
“This ambitious and enterprising company is implementing a carefully structured approach designed to grow business abroad. Paradox has taken advantage of the extensive range of services offered by Invest NI in terms of trade missions and participation in international exhibitions, as well as the expert advice and support provided by our advisors and in-market teams including those in Dubai.”
Mrs Hayhurst said: “The business is the outcome of a concentrated campaign to establish a presence in these affluent markets in which personal health issues are becoming increasingly important. Governments and individuals in these markets are also investing significant amounts in healthcare and in products proven to offer health benefits.
“As a small and family-owned and managed business, we’ve focused our efforts on markets in which our research shows the greatest potential for our products. We have also benefited immensely from Invest NI’s export support through targeted exhibitions and trade missions.
“Arab Health is proving to be an extremely important platform for us because of the easy access it offers to health professionals and trade buyers from the Middle East and even further afield. Taking part in the event has enabled us to identify potential business partners and to set up a network of suitable distributors throughout this important region.”
In Jordan, the distribution agreement with Sahaar Drug Store in Amman is for the introduction of the entire Paradox product range throughout the country and also to Algeria, Palestine and Mauritania. Paradox, last year, announced an agreement to supply products to Pakistan. This has since been extended to include Afghanistan.
Paradox won its first Middle East business in Kuwait in 2011 when it signed up distributors Al Bisher and Al Kazema for its omega capsules. This agreement has also recently been extended to include the company’s complete product range.