Page 29 - Aamir Rehman - Dubai & Co Global Strategies for Doing Business in the Gulf States-McGraw-Hill (2007)

Introducing Dubai & Co. 15

headquarters. This strategy should be comprehensive and must be
kept current, as the region is changing dramatically from year to year.
A GCC initiative can be an intriguing and highly fruitful project for a
chief executive or head of strategy interested in demonstrating a
knack for innovative, high-impact growth initiatives.

FROM THREAT TO OPPORTUNITY

For years, global businesses and their executives have viewed pros-
perity in the GCC countries as a threat. For many, the oil booms of
the 1970s meant nothing but higher input costs, inflation, and frus-
trating lines at the gas station. GCC markets were relatively small
and disconnected from the rest of the global economy, and their reg-
ulatory barriers were high and often felt insurmountable. Local
infrastructure was underdeveloped, with hardly any culture of free
zones or initiatives designed to attract international businesses.
Global firms did not see how they could build genuine businesses
in the GCC region.
Today, the game has changed, and business in and with the
GCC countries is now a remarkable opportunity. The region is
home to a young, growing, and prosperous consumer base hungry
for global brands at the same time that it is exporting capital and
looking for investment opportunities worldwide. Markets are
deregulating, and the Internet and global media have created
unprecedented connectivity between the GCC and the outside
world. Doing business with the GCC has never been easier, and
deregulation is proceeding further each day. Savvy multinationals
will recognize these trends and act on them before their competi-
tors do.
This may be the first book you read about the GCC and global
strategy. If you manage, advise, or serve a global business that is
looking for fast growth, it may not be the last.