1. Publication: The Business Times, p 11
Date: 4 January 2010
Headline: Oasis of strength amid the gloom
Oasis of strength amid the gloom
The Gulf Cooperation Council offers an array of opportunities despite Dubai's debt crisis, report OLIVER LOKE and KENNY TAN
NmEAD of being deterred by the Ihr-
I
bal debt crisis, businttssev should rec-
ognise the array of opportunities in
the Gulf Cooperation Council (GCC)
countries.
As a recent Singapore Manage-
ment University (SMU) business
sdudy mission thcrc discovered. it is
one thing to read news reports about develop-
ments in the GCC, but it is another to witness
&st-hand the opportunities in the region.
During their 10-day trip covering Bah-
rain. Qatar. Saudi Arabia and the United Ar-
a b Emirates (Uffi) starting Dec 6. 41 SMU
students visited over 20 companies and de-
velopments, and met businessmen, policy-
makers, academia and diplomats.
Hassan A1 flashcmi, director of External
Relations of the Dubai Chamber of Com-
merce and Industry (DCCI) told the mission
members: 'When things go wrong, they are
magnified by the media. especially since Du-
bai enjoys a celebrity status with its bold and
aggrwsive expansions and projects over the
past few years."
One should instead take a positive
long-term view ofthe region as the GCC coun-
tries, backed by stmug political will. conlin-
us to diversify their economies. he said.
Abdulaziz Sagerb and founder ' Learning arve: Members ofxhe SMU business study missiovr with Abdularir Sager. such as the world-famous Guggenheim and syariah-compliant products. Today, Mana-
Of the independent
IheLouvre Museums, plus big-name hospital- ma boasts more than 400 financial institu-
Dubai noted: 'Despite the recession and the ckairmM m d founder qfthe independent GulfRssmrch Center bawd in M a i (above);
Research Center in
ity players such as St Regis Hotels and Re- tinns clustered within its rapidly transforrn-
bad p;lblicity from the Dubal debt crisis, JncUng abow the uarious deuelopmenls at the Royal Commission for Jubail and
sorts. ing skyline. They are part of other develop-
there remains ample opportunities in the The other GCC countries also have dovel- ments making up the Bahrain 2030 Econom-
Middle E s bocause of what we have to of-
at opmentv that each provides unique and excit- ic Blueprint-
fer.' ing opportunities. The upcoming developments have not
He advised companies venturing in the In Saudi Arabia. the Jubail Industrial City gone unheeded by Singaporean businoss-
Gulf to " h n big, think far and stay long'.
tik is promping into ph- 2 m d 3 of develop- men and professionals. Mission members
Beyond Dubai's debt woes, there s t i l ex- ment where massive petrochemical complex- spoke to several who based in the Gulf
kt numerous gems in the second largest es are being construct&, while the King and learnt that many are either extending
emirate in the UAE,particularly in its trans-
port and logisticsindustry with planned infra- F:ahd lndu&a] port continues to draw corn- their work contra- or expanding their busi-
pamiss in d m such as material hamdung ness operations..A few are even conternplat-
slructure projects still on track.
I t s tourism and MICE (meeting, Incentive, and downstream petroleum-related indus- mi3 bringing their fmnfias Over-
tries such as plastics. Opportunitiesaside. there also challenges
conferenat and exhibition) sectors remain ro-
bust and its hospitality sector - which fea- A These h d m a l developmen&and corn- in doing business there. There is with the
of r e s i d e n u am shortage 0f domestic talent there, firstly a
tures over 350 hotels - is confident hat it has plemented by
recovered. with post-crisis Occupancy rates mercial entities slamd for completion in the CCC economics wntinuing to on for-
of around 80 per cent. 2015. he dtY draw h local and expaui- eign talent. This makes their industries vul-
In Abu Dhabi, the Tourism Development ate talent. there i s also greater demand for "Orable to labour
housing, ducation, health care and enkr- F o m b business~s also face an unfamd-
& I n v e h e n t Company [TDIC)and the Abu ~ aArab business culture that ernphasises re-
r
Dhabi Tourism Authority (ADTA) have been tainment Eacilities.
aggressively pushing taurism-related In Doha the Qatar Founda*n hw been lational subtleties and well-heeled connec-
pushiag Inltiativas suchas tions to clinch business deals. This is a dis-
projeets guch as Yas IsIand which recently from Singa~ro'sprapatic
concluded its successful Formula 1 season cation city to a m d big-name univomi~es
on the Y a s Marina circuit. set up campuses and pmvide quality educa- and Wansparent business climate.
tion to close the howledge mp in tho GCC. It Howe~er, there is still much to bc gained
It includes the future home of Warner six leading by businesses that are willing to confront
Brothers and the world's b t Ferrari World has so rm the GCC for
theme park. which - when it opens later this universities including Carnegie these challenges and uperate inthe (iCC as a
the long haul. They should view
year - will host the world's fastest roller Mollon and Goorgetuwn Univorsity. future growth'
waster ride. Bahrain's well-diversified lslarnic finance fegion
Along the capital's coastline. the Saadiyat and banking sector has proven msiliont de- Uliuer Loke is a second-yeor business
Island dcvclopment featurn a mixture of res- spite the global financial crisis and still management student. Kenny Tan is a
idential, commcrciat and cultural projects serves as a rogional centre lor a variety of final-year economics student
Source: The Business Times O Singapore Press Holdings Limited. Permission required for reproduction.