25183529 United Arab Emirates Country Analysis

8/2/2019 25183529 United Arab Emirates Country Analysis

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MalaysiaCampus

Nott inghamUniversityBusiness Schoo l

MBA Programm e

InternationalBusiness Strat egy (N1DM39 )

Convenor:Professor Bala Ramasamy

Title:

United ArabEmiratesCountry Analysis

Zhijing,Eu (UNIMKL0041 51)

Date:18 .07 .200 8

Copy I


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ABSTRACT

The following report provides an analysis of the general business

conditions in the United Arab Emirates (UAE) in the particular context

of potential business opportun ities for a Malaysian retailer and the

associatedrisks and challenges.

From a governance and administrativeview,the government isstable

and stronglyencouragespro-foreign investmentpolicies. From an

economicperspective,the UAE has a largepotentialretailma rket and

the high GDP percapitathat iscoupledwithagrowingmetropolitan

population.

From a socio-cultural asp ect the UAE,much like other Gulfcoun tries,

has a cultureshaped strongly by the Muslim religion.In terms of the

UAEsregionaland internationalstanding, it isan imp ortantregional

tradingcentreand widely heldasone of the moreprogressive

coun trieswithin the Gulfregionand alsohas a history of goodbilateral

tieswithMalaysia.

The most prominent risks and challenges within the UAE are the

comp etitive retail environment, the high level of demographic

segmentation and esca lating inflation. Howe ver, in conclusion, the

potential rew ards from a well-planned and properly executed business

venture intothe UAE stronglyoutweighthe potentialrisks.


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Table Of Contents

1.Introduction................................................................................................................4

2.GeneralCountry Backg round ..............................................................................4

3.Governance.................................................................................................................5

4.Economy ......................................................................................................................7

5.Socio-Cultural..........................................................................................................10

6.Regional.....................................................................................................................12

7.Conclusion.................................................................................................................14


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UNITEDARAB EMIRAT ES

1.Introduction

The following report outlines the generalbusiness landscape of the

UnitedArabEmirates(UAE)that seeksto add ress two key questions: Is there an opportunity for a Malaysian department store in theUAE What are the parameters, risks and challenges in pursuing thatopportun ity?

2.GeneralCoun tryBackgroun d

The United Arab Emirates consists of a federation of seven states

(emirates) formed in 1971 after Brit ain withdrew from the Gulf.

Geographica lly, UAE has a land area of 83 ,600 sq km. The capital city

is Abu Dhabi but Dubai has the highest population of approximately

1.6 millionpeople.


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Figure1. Map Of UnitedArabEmirates( WorldAtlas.com,2008 )

3.Governance

The most recent Governance Matters (Kaufmann et al., 2008) report

has benchma rked the UAE as being in a top quartile position for the

Rule of Law, Go vernment Effectiveness and Control of Corruption and

RegulatoryQualityandsecond quartilefor Political Stability.

The UAE has a federal presidential-elected monarchy with the positions

of Presidency and Premiersh ipbeing hereditary to the Al Nahyan clan

of the Abu Dhabi Emirate and the Al Maktoum clan of Dubai Emirate

respectively. Each emirate retains some level of autonomy from the

central government in Abu Dhabi. Atpresent there are no imm ediate

threats of foreign invasion ororganized domestic opposition. However

the Business Monitor International (Business Monitor International,

2006) reported that the political tensions between the US and Iran

couldpotentially have a negative imp act on investor sentiment within

UAE giventhecoun tryscurrentgood relationswithboth sides.

The federal and state government has a very active policy of

encouraging the diversifica tion of trade and commerce. Initiatives to

draw in foreign investment to support this diversification include the

sett ing up of six free trade zones (Dubai Business Handbook, 2006 ). The

governme nt itself generally does not seek to participate in the ownership

or operation of companies except in strategic national interest industries

such as telecomm unicationsandpetroleum.

Although Islam is a source of legislation, it is not strictly app lied in

business. The law that imp acts a foreign retailer would be the U.A.E.


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Federal Comm ercial Agencies Law which requires the

agent/distributor/franchisee to be a UAE national. According to the Lex

Mundi Guide to Doing Business in the UAE (Fer ris HA, 2004 ), the

statutoryprotections to the local partner include exclusivity, restrictions

on the foreign party' s right to terminate or withhold renewal of the

relationship.

Many internationalbrands that venture into the UAE ma rket tend do so

und er loca l agents with General Trading Licenses (GTLs) who generally

have very large diversified business portfolios. For examp le the Al-

Futtaim group manages both the UKbrand Marks & Spencersbut also

recently acquired the rights to the Singaporean retailer Robinsons (Al-

FuttaimWebsite,2008 )

In add ition to international brands such as Burberr y (British) and JC

Penney (American) which are usually licensed to local UAE franch isees,

new entrants will also have to contend against established local and

regional retail brands. For example the Emke Gro up is a large

conglomerate that has interests in the entire customerproduct chain

from manu facturing to imp ort/export, wholesale business and also

consumer retailing. This group operates popularbrands of retail chain

stores that include the renowned Lulu chain of supermarkets,department stores, hyp erma rkets and now shopping malls and

according to their website has 32% of the total retail market sha re

within the GCC (Emke Group Website, 2008).Another prominent UAE

based retailer Jashanmal, which incidentally owns the Burberry

franch ise license for the UAE mentioned earlier, also has a successful

chain of own brand departmentstore s (JashanmalWebsite,2008).


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4.Economy

UAE has an open economy that is supported by a burgeoning annual

trade surplus, robust fiscal and monetary policies, favourable tax laws

and imp ort/export duties. Dubai is also well known within the Gulf

regionas a trade centre.

According to the CIA World Factbook (CIA, 2008 ) , the UAE has a GDP of

USD 192.6billion (2007 est)and a GDP percapita of $37,300(2007 est.).

In the IMF 2007 World Economic Outlook report (IMF, 2007 ) ,

UAE was rank ed as the second highest GDP among the Cooperation

Council for the ArabStates Of The Gulf (CCASG) countries.

The UAE has a 200 8 population of 4,621 ,399 with at an estimated

grow th rate of 3.8 % (CIA, 2008 ). It has a favourable consumer

purchasing powe r trend as exemp lified by the Economic Intelligence

Unit report (EIU Viewswire, 2007) that forecasted the population in the

coming years would continue to expand but real GDP growth will

exceedpopulationgrow th, enablingpercapita incomes to rise.

Howe ver much like the other Gulf coun tries, the UAE prosperity is

linked to its oil wealth. The government howe ver is cognizant of this

dependency and has focused on boosting non-oil grow th. Therefore

the UAE have re-invested the oil wealth into non-oil related sectors as

exemp lified by the successf ul development of Dubai into a tourist

destination.

Since 1996 Dubai has held the Dubai Shopping Festival (DSF), an

annu al one-month shopp ing extravagan za during which goods in

shopp ingmallsare heavilydiscounted. The DSF has almost doubled its


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numb er of visitors from 1.6 million to 3.3 million in 2006. (Euro

monitor International, 2007 ).There are also similar festivals at the

other Emirates such as the Sha rjah Ramadan Festival, Abu Dhabi

Festival of Sales and the Dubai Summer Surprises. Coupled with

policies such as the no currency controls, and no customs duty on

personal effects, these effor ts have served to attract a sizeable

amount of tourist traffic. UAE is a growing leader in the tourism

industry in the region with 2006 figures of over7,944 ,600 visitors that

brought in the revenue of AED 15 ,929 million (Euro monitor

International, 2007 ).

Howe ver the risk of inflation is high due to the coun trys currency

exchange policy being impacted by the weakening dollar, the

sensitivity of the economy to the movement of oil prices and the

generalover-heating of the economy lead by a boom in realestate

The Ministry of Economy in UAE released a statement (UAE Interact

Website, 2008 (a)) that inflation was at 11 .0% as of 2007. The

government can already be seen as acting upon this issue with the

passing of the Consumer Protection Law in 2007 and many players in

the retailing sector have begun to fee l the effects of the governments

hard line app roach on price controls foressential food items. In the

case of American a, a Kuwaiti based comp any that operates

international franchises such as KFC and Pizza Hut in UAE, they wer e

fined 10 ,000 Dirhams in December 2007 for increasingprices by some

11% from 2007 levels(UAEInteract Website,2007 ).

On a positive note, the MasterCard Wor ldwide Index of Consumer

Confidence H1 2008 (MasterCard Worldwide Website 2008) reported a


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surge in consumer confidence regarding regular income and quality of

life. This finding was also supported within the Nie lsen Global

Consum er Confidence Ind ex (ACNielsen, 2008 ) where the UAE was

rank ed 5

th

out of 51 different countr

ies. The significance in th

is resu

lt

is

that the UAE is the only country out of the four Gulfcoun tries that had

an increase in Consum er Confidence.

In the abovementioned Nielsen survey, the UAE respondents still

stated that after covering essential living expenses, the remaining

income was still spent in the followi ng distribution: savings (58%),

new clothes (33%), paying off deb

it/

credit cards

/loans (30%) and

holidays/vacations(28%)


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5.Socio-CulturalThe UAE has a high numb er of expatriate wor kers within the coun try.

In a 2005 census, it was found that expatriate wor kers made up 78 .1

% of the population (Ministry of Economy UAE , 2005 ). In terms of the

gender distribution, there were 67.6% males and 32 .4% females. The

same report also stated that the population is centered on the key

Emirates of Abu DhabiandDubai.

Arabic is the official language. However Eng lish is the widely us ed

business language. Persian, Hindi and Urdu are also widely spoken.

The Muslim faith is practiced by the overwhelming majority, although

there is significant numb erof adh ere nts of otherfaiths. Although Arab

and Islamic cultural influences can be found, western cu ltureplays an

imp ortant role and business practices closely resemb le those in the

UnitedStates and Great Britain.

Assu ming that the target ma rket is the Emiratipopulation and tourists

from the neighbouring countries, the adva ntage that a Malaysian

brand may have is the relatively shor tercu ltural distance as measu red

by the Hofstede Cultural Dimensions where both Malaysia and the UAE

app ear to be closer to each other especially in the PowerDistance and

Individualismcategory.

Figure2.CulturalDistance Betwee n Malaysia,UnitedStates and UnitedKingdom comp aredto the ArabWorld


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Source:(ITIM InternationalWe bsite , 2008 )

Howe ver it should be noted that given the strong presence of the

expatriate comm unity, a diverse multicultural society ispresent in the

key cities. Prominent nationalities among the expatriates are Indians

orPakistanis, expatriateArabs, Filipinos and Europeans.


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6.Regional

Foreign Policy

The UAE foreign policy has maintained a principle of non-interference

in the internal affairs of others and the pursu it, whereverpossible, of

peaceful resolutions of disputes, together with a supp or t forinternational institutions. (UAE Interact, 2008 (b)). The UAE is an

active memb erof a large host of internationalbodies. Regionally, it is

a memb erstate of the Arab League (And therefore also a memb erof

the Gre aterArab Free Trade Agreement) and also a member state of

the Gulf Cooperation Counc il which operates as a custom union and

also has the objective to create a local GCC based common currency

by 2010 .

Supporting Infrastruc ture

The UAE isas an importantregionaltradingcentreand a distribution

hub to much of the We st Asia regionas a a resu lt of itsexcellent

infrastructureservices in thearea of telecomm un ications, por ts and

airportfacilities, modern transportationaswell as logistics support.

Forexamp le, ithas beenreported (FDI Magazine,2005)that Dubai is

served by more than 170 shipp ing linesand 86 airlinesoffering links to

over 100 coun triesworldwide.Dubai isalso an open ma rket withno

exchange controls, quotas or trade barriers. Dubaicomm andsa large

ma rket - more than $17 billion in domestic imp ortsannuallyand a

gateway to a $150 billion p.a.,witha 1.4 billionpopulationregional

imp ortmarket.


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BilateralTies

The UAE is Malaysias largest tradingpartner in the Gulf region. In

2006, UAE accounted for 40 .4per cent of Malaysia's total trade with

the GCC coun tries. Malaysia 's total trade with UAE was valued at

US$3.2 billion, an increase of 19 .4 per cent comp ared with US$2.6

billion in 200 5 (Ministry of International Trade and Indu stry Malaysia,

2008).Both coun tries had signed five bilateral agreements as a legal

framewor k to further develop and enhance relations including an

agreementon avoidance ofdoubletaxation in 1995 .

As of 2007, there wer e 40 Malaysian comp anies operating in the UAE

involved mainly in construc tion and enginee ring but also in the

services and hotel manag ement industries. (Qudoos MA, 2007). With

rega rds to the consumer food retailsector, Secret Recipe andMarrybrown Fried Chicken are examp les of Malaysian companies that

have successfully franch ised outlets within the UAE. Howe ver there

are presently no active Malaysian department store or hyp erma rket

retailerswithin the UAE.

The possible advantage a Malaysian retailer (especially in the

departmental store sub-sector) may have in entering the UAE is the

potential familiarity of the brand due to high amount of tourist traffic

from the gulf region into Malaysia. In 2003, the estimated no of

arrivals from West Asia was 80 ,216 , which doubled to 186 ,821 in

2006. From the UAE, Malaysia recorded 35 ,118 arrivals in 2006

(MinistryofInternational Tradeand Industry Malaysia,2007 )


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7.Conclusion

In sum mary the UAEprovidesa suitable investmentclimatefor a

Malaysianretailerseekingto expa nd theirbusiness in the middle east

giventhe largepotentialretailma rket and the high GDP per capita

that iscoupledwitha growingmetropolitanpopulation.The general

stability of the political circumstances and pro-foreign investment

government policiesalso serveto further enhance the feasibility of the

investmentopportunity.It shouldalso be noted that any company that

wishesto extend itsnetwor k further intothe midd leeast ma rkets will

find the UAE to be a su itablestrategicspring-boardto setup a

regionalbase.

Howe ver there are specificpitfallsthat a Malaysianretailermust be

aware of in thatdespite of all the positivepointsabove have

accomp anyingflip-sides. Forexampledesp ite of the highmarket

grow thpotential,the UAE has a highly comp etitiveretailenvironment

and a high level of demographicsegmentation that would requirea

robust marketingstrategy. The boomingeconomicgrow th also carries

with itthe risk of inflationcosts imp actingprofitsand highcapital

requirements. Malaysianretailersmay have abetterbusiness

understanding of Gulfculturedue to the aff inity theymay share in

operatingwithin Muslim cu ltures. Howe veritshouldbe noted that the

entry method may be limiteddue to exclusive generaltrade licensesby

UAE nationalsthat are required by law so entry methods and affliate

selection will be ofthe utmost imp ortance.

Howe ver as with any international business venture , a successful or

failed entry into UAE ma rket will depend very much on the level of

risk mitigation based on sound understanding of the local market


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conditions and the formation of a healthy relationsh ip with the local

affliates. In conclusion, the potential rewards offered by a successful

business foray intotheUAEoutweighthe risks.

[ Main Body Wor d Count : 2018 Words ]


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June2008 from

http://www .worldatlas.com/webimage/coun trys/asia/lgcolor/aecolor.htm .
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Documents

25183529 United Arab Emirates Country Analysis