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UAE Freezones Biz News Updates
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Five entrepreneurship lessons from the UAE
 With events
such as the Etihad Abu Dhabi Formula One Grand Prix at the Yas Marina circuit,
the UAE has become synonymous with rapid development and well-balanced growth.
In just 46 years, the UAE has grown to become a world-leader
across a variety of sectors through shrewd strategic planning
As we celebrated the UAE’s 46th National Day over the weekend, I could not
help but state again, as I do every year, that if there were a role model
that I look up to, if there was anything that inspires me, then the UAE and
our leadership will always top my list.
The strategies the Government has adopted to build a world-class global hub
can teach entrepreneurs valuable lessons that can be applied in managing
their businesses.
Although the country has a surplus of oil that should secure its future for
years to come, the government has opted for diversification from day one, as
well as adapting itself to the continuous market and technological changes.
In addition, the UAE appreciates the importance of planning ahead, and that
is evident when Sheikh Mohammed bin Rashid, Vice-President, Prime Minister
and the Ruler of Dubai, announced the UAE Centennial Plan 2071, to make the
UAE the best country in the world.
So what valuable lessons can entrepreneurs learn from the UAE’s 46 years of
success?
1) Diversify your income stream
What is admirable in the UAE’s case is how it depends on different sources
of revenue, with Dubai as a leading example. The country became a centre for
regional and international conferences and exhibitions, a leader in regional
arts and cultural events and hubs with the establishment of Dubai Design
District, the Louvre Abu Dhabi Museum, Dubai’s Opera, Sharjah Art
Foundation, and the soon to be opened Guggenheim Museum.
In addition, the country encourages international start-ups and small
businesses to set up through free zones such as in Abu Dhabi’s Twofour54,
home to The National, Dubai’s Jebel Ali Free Zone, and Ras Al Khaima’s Free
Trade Zone.
2) Adapt to change
In a fast-changing world, if your business does not adapt, and embrace
changes you will fall behind. The UAE not only knows that, but also has
adapted it in its government strategies. The country embraces the latest
technological advancements such as incorporating drones in government
services, appointing a Minister of State for Artificial Intelligence, as
well investing in infrastructure, while providing a tolerant community that
is home to more than 200 nationalities who reside here. The UAE has also
embraced social media, and its large influence in our lives, and now hosts
an annual Social Media Summit in Dubai. The beauty about it is that it is
done without jeopardising the country’s identity, culture, or traditions.
3) Building a brand
When you mention the UAE to someone, many would point out the luxurious
hotels, high-end fashion, Formula 1, Burj Al Arab, and police who drive
Bentleys and Bugattis. The UAE has thus become a brand associated with
modernity, luxury, comfort, and high technology. When it comes to 5-star
hospitality, shopping, and a luxurious comfortable lifestyle, few in the
world can compare to the UAE.
Over the past 46 years, the country has slowly laid a foundation for this
from emphasising tourism, embracing unique architecture, constructing the
world’s largest shopping malls, indoor skiing facility, and hosting
world-class conventions and events such as the Etihad Formula 1 Grand Prix
and the Red Bull Air Race, building mega theme parks such as LegoLand and
Ferarri World and attracting world-class chefs and operators to open their
restaurants here such as Zuma, Coya, and La Petite Maison.
4) Set a clear goal with a strict deadline
If there is anyone who gets things done when he says he will, then it would
be Sheikh Mohammed with his vision to become “a leader in the global
economy, enhancing the wellbeing of our people and creating an environment
that attracts business and individuals”. The UAE is now synonymous with
punctuality, and getting things done efficiently without jeopardising
quality. This has increased investors’ trust and attracted people to
establish businesses in the country where they know that the Government is
just as passionate as them about sustaining a thriving business environment.
5) Make everybody part of your plan
While the country is effective at initiating and achieving goals, it ensures
that it includes its people and residents in the process. For instance, when
coming up with the logo for Dubai’s Expo 2020, the competition was open to
everyone in the UAE to submit his or her designs. In addition, to celebrate
Abu Dhabi’s Golden Jubilee, the Government of Abu Dhabi initiated a campaign
“Imagine Abu Dhabi” that encourages residents and citizens to send ideas and
development suggestions concerning the emirate.
In the past, we may have looked at developed countries and learned from
them, but the UAE has established itself as a world-class developed country
itself in an exceptionally short-time, attracting people to learn from its
success.
December 2, 2017 |
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Courtesy The National
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