Dubai- it’s another world!
Just back from spending the festive season in Dubai. A remarkable city, known as the Hong Kong of the Middle East, and one of the fastest growing and dynamic markets in the world.
If you’ve never been there I recommend a visit to see what man can build with endless money and a seemingly endless supply of cheap labour from Asia! Dubai has the world’s largest this, that, and the other and its hotels and shopping malls are to be seen to be believed, especially the newest hotel, the futuristic Atlantis, which cost $1.5 billion to build. The owners spent a staggering €20 million alone on the lavish opening ceremony in December.
I was hoping to find some successful indigenous businesses that might want to expand internationally through franchising but I saw nothing to get excited about. On the contrary, the Emirates are more interested in importing franchises than exporting them. The government of the seven emirates that make up the UAE positively encourage franchising and banks there are eager to help young entrepreneurs get into the industry.
About 80% of the population (of about 4 million) are foreigners, so its no wonder all the international big names are there. If you, as a Franchisor, are already international, add Dubai to your locations list. If you are considering international operations, do the same.
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May 13th, 2009 at 3:29 am
Dubai is indeed the Hong Kong of the Middle East! It seemed that Dubai wanted to be the nation with the most entry in the Guinness book of World Records. Their slowly depleting oil resources didn’t scare this nation. Instead they utilize other means. In this case, their tourism.
It’s just a sad plight to some third world Asians who had to grapple with cheap labor cost. This nation’s interest in franchising international brands/services is a sign of hope for other nationalities who are greatly affected by the global economic slowdown.
For young entrepreneurs, residents of Dubai or not can immensely benefit from my experience in franchising. I did the same thing and made it as a successful multi-unit franchisee. Now I have written an ebook to show others how I do it as well (http://www.bestfranchisebooks.com/). As they say “Pay It Forward”. This is my way of giving it back.