Tag Archives: dubai investment news
Small Middle Eastern businesses are performing well
Family businesses based in the Middle East performed very well last year, despite the fact the global economy is still far from stable.A new study by PricewaterhouseCoopers (PwC) showed that 83 per cent of small enterprises based in this part of the world reported a rise in sales. This was much higher than the global average, which stood at just 65 per cent.Confidence is high among start-up organisations in places like Dubai, with 23 per cent of firms planning “aggressive growth” in the next five years. Only nine per cent thought they would struggle in the near future.PwC's Family Business Survey also showed that women are having a greater influence in smaller companies across the Middle East.The main challenges facing businesses of this nature are family politics, succession planning and the recruitment of skilled staff, the report discovered.That said, Amin Nasser, partner and private clients leader at PwC Middle East, thinks the future is bright for entrepreneurs in the Gulf.”Our survey clearly shows that family businesses in the Middle East will continue growing significantly,” he remarked.”Compared with the rest of the world, family businesses in the Middle East are less fazed by the general economic situation. This has created a strong framework for family businesses to continue targeting ambitious goals, bringing stability to a balanced economy.”The UAE has become a major international corporate hub in the past few decades and a multitude of blue chip companies have set up bases in Dubai.Earlier this year, Sheikh Mohammed bin Rashid al-Maktoum – ruler of Dubai and vice president/prime minister of the UAE – said the city was looking to become the world's leading Islamic business centre.The Islamic finance sector has grown in stature over the years and is now one of the most lucrative industries on the planet. The emirate could set up a central sharia board, which will oversee all Islamic financial products used in Dubai. Continue reading
Dubai continues to target Chinese tourists
Tourism chiefs in Dubai will reach out to Chinese holidaymakers in a bid to swell the city's visitor numbers in the coming years.Although the emirate is already one of the most popular destinations in the Middle East, Dubai Tourism and Commerce Marketing (DTCM) is keen to persuade even more people to take a vacation in the emirate.Director general of the state-run body Helal Saeed Almarri said China is “a market of the future” for Dubai, Xinhua reports.Hoteliers throughout the region are already tailoring packages with Asian travellers specifically in mind and this is a trend that is likely to gather pace in the coming years.Last year, the city attracted 300,000 Chinese visitors, which was a 26 per cent increase on 2011, according to figures provided by the DTCM.As you would perhaps expect, Dubai is inundated with tourists during the Chinese New Year celebrations and statistics show that 60 per cent of guests at the seven-star Burj Al Arab hotel at this time of year are Chinese.A spokesperson for the five-star Armani Hotel told the news provider that people from the Asian country are particularly keen to stay in resorts that have Chinese restaurants and Mandarin-speaking staff, so this is something that other hotel owners will have to consider if they are to successfully tap into this market.While China is clearly a crucial market for the DTCM, Mr Almarri suggested that people are flooding in from other parts of the world too.”Visitors from India and Africa are also poised to generate the necessary momentum to reach the ambitious goal expressed by Dubai ruler His Highness Sheikh Mohammed Bin Rashid Al-Maktoum,” he was quoted as saying.Overall, Dubai is aiming to double the number of holidaymakers spending time in the city to 20 million by 2020 and with a plethora of exciting new developments nearing completion, the emirate is certainly going the right way about attracting more and more visitors. Continue reading
Dubai Municipality keen to complete 10 unique projects
Senior figures at the Dubai Municipality are keen to get the majority of ten major projects completed by the end of next year.Director general of the organisation Hussain Nassir Lootah hopes new initiatives like Dubai Safari and Dubai Frame will be open to the public as soon as possible.Altogether, the ten projects – which also includes souks, a new fish market and shopping complexes – will cost in the region of AED 883.5 million (£158.2 million) and have the potential to make a big difference to the city's tourism offerings.Dubai Safari alone is costing AED 150 million and it will be one of the finest wildlife parks in the Middle East, with all kinds of creatures being showcased at the complex. Dubai Frame, meanwhile, is a massive transparent structure that will be built in Zabeel Park at a cost of AED 120 million.Mr Lootah remarked: “The civic body is confident of accomplishing the two ambitious tourism projects, Dubai Safari and Dubai Frame, by the end of 2014, in addition to eight high-tech markets across the different areas of the emirate.”In addition to this, the Dubai Municipality is working on a Holy Quran Park and Maritime Museum, although these initiatives are still in their infancy.All of these new features will enhance Dubai's infrastructure, which is already among the best on the planet.There is so much for tourists to see and do and it seems that barely a week goes by without another impressive attraction opening in the city.A number of parks have been recognised by Guinness World Records, including the Dubai Miracle Garden – the largest natural flower garden on earth.Dubai welcomed a record number of foreign visitors next year and experts predict that 66 million people will travel into Dubai International Airport in 2013, with a sizeable proportion of these passengers being leisure travellers.With this in mind, it makes sense for investors to purchase hotels, villas and apartments in the city as soon as possible, as prices will continue to rise as more and more holidaymakers flood into the emirate. Continue reading
