Trust in Dubai economy increases

Dubai : Government support for the business sectors in Dubai has boosted confidence in the economy and increased investment from around the world, according to Dr Messef Abdul Razzaq, Chairman of the Syrian Business Council.

Abdul Razzaq said the government’s “non-stop financial and infrastructural support sends a wave of confidence in the economy” among investors from all over the world. Dubai offers excellent investment opportunities for Syrian businesses, he added.

“The emirate’s strategic location, efficient and well-developed infrastructure and support services, including low rents, telecommunications and air-links and transparent commercial laws attract businesses to its fold, especially the ones from Syria,” he said.

Recalling the recent difficult economic situation, he said the emirate’s role during the global financial crisis has also affirmed businessmen’s trust in the emirate’s economic situation. “I think the free zones like Jebel Ali offer good scope for Syrian businesses to expand and grow,” Abdul Razzaq said.

Gulf News: What are the Syrian Business Council”s thoughts on the Dubai economy and your outlook for the next few years?

Dr Messef Abdul Razzaq: The Dubai economy is sound and has overcome the repercussions of the global financial crisis. The emirate’s economic future is looking bright as can be judged from the export figures that are showing a rising trend and are getting closer to the pre-crisis era.

With its concentration on the basics of trade, logistics, financial services and tourism, and its infrastructural projects, Dubai is marching ahead on the path to enhanced economic development.

How do you evaluate the Dubai-Syrian trade relations and business environment?

Most of the Syrian companies and establishments in Dubai include small and medium sized enterprises, operating across a number of diversified business sectors.

Syrian businesses in Dubai are thriving under the Government’s investor-friendly policies. The mutual trading ties between Syria and the UAE have benefited both sides with their mutual trade and sharing of investment opportunities.

What is the size of Syrian businesses in Dubai? How many industry sectors are covered by Syrian businesses, and what are their the achievements and contribution to the emirate’s economy?

The investor-friendly environment of Dubai has always attracted Syrian businesses, especially during the financial crisis as they found a fertile ground here to invest and to re-export their goods to other parts of the world. At the last count, there were more than 1,600 Syrian companies operating in Dubai, but the numbers could be much higher as, after the initial setting-up stage, these companies expanded into other areas.

Recently, we witnessed a substantial increase in the number of Syrian businesses. The emirate has helped ambitious Syrian businessmen to expand and realise their business goals. In return, they’ve also contributed to the emirate’s economy, and supported its status of an ‘East meets West’ destination.

Does the Dubai market offer good potential for Syrian investments? If yes, do you expect a flood of more Syrian investors to come to the emirate? Which areas offer Syrian businessmen good investment opportunities?

Indeed, Dubai offers excellent investment opportunities for Syrian businesses. The emirate’s strategic location, efficient and well-developed infrastructure and support services including low rents, telecommunications and air-links, as well as transparent commercial laws which attract businesses, especially the ones from Syria.

The Government’s non-stop financial and infrastructural support sends out a wave of confidence in the economy to investors from all over the world.
Its role during the global financial crisis has also affirmed business people’s trust in the emirate’s economic situation. I think the free zones, like Jebel Ali, offer good scope for Syrian businesses to expand and grow.

What is the main area of economic activity of Syrian businesses in Dubai?

There are many types of economic activities practised by Syrians in Dubai, and we can say that there is no business sector in Dubai that does not highlight the presence of Syrian companies.

From the Council’s membership base, it appears that 40 per cent of Syrian companies can be found in the general trading and retailing sectors. There is a substantial presence of Syrian companies in construction and real estate, which have a reach in the region as well. Then, there are a large number of companies operating in the services sector.

How would you evaluate the Dubai Chamber services? What do they offer to the Syrian Business Council?

I personally feel that the Chamber spares no effort in serving the business community in Dubai, especially the various business councils and groups that operate under its auspices.

Over the years, it has been offering new initiatives and services to support business growth, irrespective of the company’s nationality.
It organises various economic seminars and workshops and networking opportunities, as well as initiatives, especially the Exporter of the Quarter initiative that recognises the efforts of small and medium enterprises and encourages them to expand their business activities.

The Chamber serves all the 39 Business Councils through the External Relations Department.

How would you describe the Chamber’s role as a business facilitator?

I have to appreciate the role of the Chamber as a business facilitator, especially during the recent financial crisis when it stood by the business community and drew the right picture of the situation. It conveyed our concerns to the Government authorities. The Chamber is a strong link between the private and public sectors and brings us face-to-face with top Government officials. What’s more it gives us a chance to directly voice our concerns, which actually leads to the implementation of laws that come to our rescue from time to time.