"Dubai & Co.: Global Strategies for Doing Business in the Gulf States"
Event Featuring:
Overview
Often labeled as “the fastest growing city on Earth,” Dubai has emerged on the global market as a new and exciting place to do business, along with the other Gulf states that comprise the Gulf Cooperation Council (GCC). There are, however, several misconceptions about the Gulf as a whole, and Aamir A. Rehman attempted to dispel these misconceptions with his new book, Dubai and Co.: Global Strategies for Doing Business in the Gulf States. The book is divided into three parts: “Understanding the Opportunity,” “How to Develop Corporate Strategies,” and “Building GCC Awareness as a Whole.” He discussed the content of his book and its context in a book launch event at the Middle East Institute.
Event Summary
Rehman began by providing an overview of each Gulf country’s economic history, and various factors that have contributed to their growth. Among these are sustained growth and prosperity as a result of two successive oil booms, enormous shifts in demographics, and regulatory reform. He also highlighted his view that the GCC economies are diverse well beyond the energy sector, while the GDP per capita is higher than that of China and India.
On the other hand, Rehman admitted that there are some key factors that are a hindrance to progress. Chief among these is a high unemployment rate (over 10% in half of the GCC), extremely high expatriate populations, and prosperity without the proper institutions to sustain growth.
The corporate strategies that Rehman outlined cover a wide range of factors to consider when doing business in the Gulf. He discussed different strategies: from choosing which level of engagement will best benefit a business based on their own circumstances to customizing marketing strategies to adapt to the local markets.
Finally, Rehman raised the challenges that exist for doing business in the Gulf. Some problems that businesses face are high inflation, the Gulf’s dependency on oil as the main source for income, regulatory issues differing from state to state, and difficulty in executing a startup business in the region. Despite these potential barriers to success, Rehman identified strategies that can make doing business in the Gulf States very attractive.
About this Event
Remarks were delivered at the Boardman Room of the Middle East Institute on September 9, 2008.
Speaker Details
Aamir A. Rehman is an expert in global corporate strategy. Rehman was formerly the global head of strategy for HSBC Amanah, a business unit of the world’s third largest bank, serving over 300,000 customers in major markets worldwide. As an advisor to Fortune 500 companies and other leading businesses, Rehman has helped develop strategies for multinationals across the globe, including the United States, Europe, the UAE, Saudi Arabia, and the broader Middle East. Previously a consultant with the Boston Consulting Group, he holds an MBA from the Harvard Business School, a master’s degree in Middle Eastern Studies from Harvard University, and a bachelor’s degree from Harvard College.
Website: www.rehmaninstitute.com/
E-mail: aamir.rehman@rehmaninstitute.com
Attributions
Noah Gibson, a Development Intern at the Middle East Institute wrote this brief. This brief was peer edited by Blake Paradis, a Programs Intern at the Middle East Institute.
