Dubai has become a hub for the Middle East and is experiencing unprecedented growth in energy, financial services, consumer goods, hospitality, retail, real estate, technology, shipping, and numerous other industries.
Sep 23, 2008 – In an increasingly complex and uncertain world in which continual and rapid change is the norm, the challenges facing American businesses are mounting to respond to the current fiscal uncertainty by becoming even more adaptive, innovative and active. With global shifts in wealth, accessing new markets and capital is not just good business sense but more essential than ever. Since our domestic financial services sector has generally produced what amounts to “A Box Office Flop, it is incumbent on the rest of US business to “Think Outside of the Box”
The Good News for US Business:
The Middle East is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices.
Dubai as most are aware has become a hub for the Middle East and is experiencing unprecedented growth in energy, financial services, consumer goods, hospitality, retail, real estate, technology, shipping, and numerous other industries.
When combined, the regions of the Middle East and North Africa, most of whom are WTO members, have a population of over 320 million people, presenting opportunities which no US company or astute entrepreneur can afford to ignore
U.S. companies have enjoyed a lucrative market for their goods and services in the region. American products are widely used throughout the Middle East and during 2007 the United States exported over $24 billion worth of merchandise to the region.
Conversely, investments from the Middle East into the US have seen the region overtake more developed countries to become the largest foreign investor in the US property market. For example, the Abu Dhabi Investment Council’s 90 percent purchase of Manhattan’s Chrysler Building for US $800 million and Istithmar’s $750 million purchase of the Fontainebleau Hilton on Miami Beach are amongst recent well publicized deals.
The smart money in the region has spent around $100 billion on foreign mergers, joint ventures and acquisitions since 1997, about two-thirds of that in 2005 and 2006.
A classic example, is the announcement yesterday that Macy's, Inc. will open the first Bloomingdale's stores outside of the United States in February 2010 in Dubai, United Arab Emirates (UAE), as part of a strategic relationship with a leading UAE-based company with diversified business interests.
"This will be our company's first overseas location, and we expect to learn a great deal about how our brands translate internationally," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc., parent company of Bloomingdale's. "Dubai offers a unique opportunity for Bloomingdale's. It is a fast-growing, affluent marketplace that has emerged as an international destination for tourism, sporting events and business."
Two Bloomingdale's locations - a three-level apparel and accessories store of about 146,000 square feet and a one-level home store of about 54,000 square feet - will anchor The Dubai Mall, which will be one of the world's largest shopping centers when completed in late 2008. The store's merchandise assortment, upscale ambience and high level of customer service will be similar to Bloomingdale's in the United States, while being sensitive to local preferences and customs.
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CEO Forum 15th-17th March 2009 - Jumeirah Beach Congress Center, Dubai, UAE
The Business Forum that brings together executives from the United States and around the world, to meet key principals in the region to explore and expand business opportunities and access Gulf capital. For Information about this opportunity for your company: E mail: usexportcouncil@ gmail.com
The Good News for US Business:
The Middle East is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices.
Dubai as most are aware has become a hub for the Middle East and is experiencing unprecedented growth in energy, financial services, consumer goods, hospitality, retail, real estate, technology, shipping, and numerous other industries.
When combined, the regions of the Middle East and North Africa, most of whom are WTO members, have a population of over 320 million people, presenting opportunities which no US company or astute entrepreneur can afford to ignore
U.S. companies have enjoyed a lucrative market for their goods and services in the region. American products are widely used throughout the Middle East and during 2007 the United States exported over $24 billion worth of merchandise to the region.
Conversely, investments from the Middle East into the US have seen the region overtake more developed countries to become the largest foreign investor in the US property market. For example, the Abu Dhabi Investment Council’s 90 percent purchase of Manhattan’s Chrysler Building for US $800 million and Istithmar’s $750 million purchase of the Fontainebleau Hilton on Miami Beach are amongst recent well publicized deals.
The smart money in the region has spent around $100 billion on foreign mergers, joint ventures and acquisitions since 1997, about two-thirds of that in 2005 and 2006.
A classic example, is the announcement yesterday that Macy's, Inc. will open the first Bloomingdale's stores outside of the United States in February 2010 in Dubai, United Arab Emirates (UAE), as part of a strategic relationship with a leading UAE-based company with diversified business interests.
"This will be our company's first overseas location, and we expect to learn a great deal about how our brands translate internationally,"
Two Bloomingdale's locations - a three-level apparel and accessories store of about 146,000 square feet and a one-level home store of about 54,000 square feet - will anchor The Dubai Mall, which will be one of the world's largest shopping centers when completed in late 2008. The store's merchandise assortment, upscale ambience and high level of customer service will be similar to Bloomingdale's in the United States, while being sensitive to local preferences and customs.
-----------------------------
CEO Forum 15th-17th March 2009 - Jumeirah Beach Congress Center, Dubai, UAE
The Business Forum that brings together executives from the United States and around the world, to meet key principals in the region to explore and expand business opportunities and access Gulf capital. For Information about this opportunity for your company: E mail: usexportcouncil@
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The US Export Council provides assistance to American firms seeking access to international export markets in the Gulf States, Middle East and Africa. http://www.usexportcouncil.com
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