Page 61 - Aamir Rehman - Dubai & Co Global Strategies for Doing Business in the Gulf States-McGraw-Hill (2007)

Think Again: Addressing Misconceptions about the GCC 45

Most major real estate projects in the GCC, as mentioned
above, include retail components. The GCC retail experience seeks
to combine access to global retailers, such as major US and EU
chains, with specialist categories such as shops offering jewelry and
accessories of gold and pearls that reflect the traditional crafts of the
region. A stroll through a mall in the GCC will take you past
American retailers such as the Gap, European chains such as Zara,
a food court full of cuisine from the United States, Asia, and the
Middle East, and a handful of specialty shops focused on regional
categories such as local clothing and perfume. The experience is
designed to offer shoppers the best of all worlds and has succeeded
in attracting a large and diverse set of consumers.

SERVICES
All GCC governments are actively promoting the development of
the service sector of their economies, including financial, health
care, IT, and food, among others. Dubai’s strategy of creating free
zone “cities” reflects its ambition of remaining the leading knowl-
edge and services economy of the region. In addition to the massive
Jebel Ali Free Zone—central to the emirate’s industrialization strat-
egy—Dubai’s flagship “cities” include Dubai Internet City, Dubai
Media City, and Knowledge Village. Collectively, these three com-
prise the Dubai Technology and Media Free Zone and have
attracted leading global firms such as Microsoft, Oracle, and CNN.
More recent “cities” include Dubai Health Care City, Dubai Metals
and Commodities Centre, and a Gold and Diamond Park. Among
the long list of other free zones under development are Dubai
Outsource Zone and, as part of Dubai Investment Park, DuBiotech
for life sciences research, development, and commercialization.
True to form, Dubai has secured partnerships in these “cities” with
leading global institutions such as Harvard Medical School.
Financial services is another industry actively being devel-
oped. The Dubai International Financial Centre (DIFC), a free zone
with a planned 22 million square feet of office space, has attracted
leading financial institutions such as Goldman Sachs, Merrill
Lynch, Deutsche Bank, and Barclays Capital. It includes an
exchange DIFX (Dubai International Financial Exchange) that seeks
to position itself as a world-class trading center located between the