FIVE SMART STRATEGIES TO FOLLOW
In just 46 years, the UAE has grown to become a world leader across a wide range of sectors
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 of the UAE and 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?
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 UAE encourages international startups 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.
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. The UAE has also embraced social media and its influence in our lives, and now hosts an annual Social Media Summit in Dubai. This is done without jeopardising the country’s identity, culture or traditions.
Building a brand
When you mention the UAE to someone, many would point out the luxurious hotels, highend fashion, Formula One, 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 five-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 laid a foundation for this, from emphasising tourism, embracing unique architecture, constructing the world’s largest shopping malls, indoor skiing facilities and hosting world-class conventions and events such as the Etihad Formula One Grand Prix and the Red Bull Air Race, building mega theme parks such as LegoLand and Ferarri World and attracting worldclass chefs and operators to open their restaurants here such as Zuma, Coya and La Petite Maison.
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 well-being 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 they are about sustaining a thriving business environment.
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 design. 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 learnt from them, but the UAE has firmly established itself as a world-class developed country in an exceptionally short time, attracting people to learn from its success.