Page 441 - Sustainable Cities and Communities Design Handbook

Business Ventures and Financial Sector Chapter j 19 411

l Access to numerous trade fairs and international conferences,
l High-quality office and residential space,
l Security of energy supplies,
l Numerous and well-balanced policies leading to sustainable growth of the
country.
Weaknesses

l Negative image of the Middle East,
l Barren desert, lack of natural resources (other than oil and gas),
l Only 20% of UAE nationals,
l The lack of fundamental infrastructure (e.g., transportation, water)
l Luxuries might appeal too small a segment.

Opportunities
l Increasing oil price,
l Increasing job opportunities for immigrants and natives,
l Growing luxury market,
l Increase in foreign investment,
l Proactive attitude,
l Well-developed Meetings, Incentives, Conventions & Exhibitions (MICE)
environment.
Threats
l Strong competitors: within the region: Abu Dhabi, Qatar; outside the
region: Singapore, Hong Kong,
l Oil running out in 30 years,
l Terrorism and war could further the negative image of the Middle East,
l Limited media coverage.

CONCLUSIONS AND SUMMARY

The UAE financial services sector and SMEs have served as important ele-
ments of growth toward the diversification of the UAE’s strategy. There is a
sound, modern, and competitive banking industry and innovation is wide-
spread in the banking community. Abu Dhabi and Dubai financial sectors
constitute the majority of the system.
The country’s sustainable growth is supported by issuing effective laws and
legislations (encouraging the business environment and developing national
industries), strengthening investments, and promoting the SME sector
(numerous incentives for foreign investors, e.g., FTZs), as well as protecting
consumer and intellectual property rights and diversifying trade activities.
All these government initiatives and incentives adhere to international
standards of excellence and the tenets of knowledge economy. They aim to