As the global economy continues to pick up steam in the aftermath of the financial crisis of 2008, businesses are looking for opportunities to grow.
Ideas for growth have traditionally revolved around the tree main pillars: government infrastructure projects, tourism and domestic demand. Strong as these pillars are, and an important foundation for the economy, it is short sighted to restrict a business’s vision to these areas. Once the foundation is built, a regional and even global expansion should be considered.
Majesty Yachts shipyard
A good example of a UAE company building locally and expanding globally is Gulf Craft, a maker of boats and yachts. Founded in 1982, Gulf Craft tapped into local demand for fiberglass runabouts and fishing boats to meet the demands of the large number of recreational sea-goers and fishermen in the UAE. A founding philosophy based on a passion for the business, a focus on quality and responsiveness to customer feedback and concerns has allowed Gulf Craft to grow from a start-up in Ajman to a global brand ranked the world’s 10th super yacht builder this year with an annual production capacity of 400 craft.
The UAE is not restricted to being a springboard in manufacturing alone; services have an equal advantage. A good example is Zawya, the regional information provider. It was founded in London in 2000 with six employees; then a Mena private equity firm acquired a majority and relocated Zawya to Dubai. With a strong vision, laser focused on execution and global ambition, Zawya grew to 200 employees in two countries and close to 5,000 institutional clients globally, partnered with Dow Jones and successfully competed with Reuters and Bloomberg. In 2012 Reuters acquired 100 percent of Zawya.
These two examples are proof that independent companies can grow to become global brands. They also show that there can be many paths to becoming a UAE-based global company. The most powerful of these methods is what is called the Silk Road, the idea being that the UAE can act as a gateway to regional and international markets.
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