Sharjah: Developing iconic, international brands in the Middle East could help the region to fix its “massive image problem” Crescent Enterprises chief executive Badr Jafar said on Tuesday.
“The most effective way to connect with and create affinities with other communities around the world, and particularly between youth, is through products and services,” Jafar said at the Sharjah FDI Forum.
“It is the experiential journey that youth goes through that makes them feel more connected with other parts of the world.”
There is a “massive opportunity” to develop indigenous brands in the region and that “could accelerate now,” he said.
“Unfortunately, if you go to all the major cities in the world today you would be hard-pressed to find a brand that really connects with them that’s from this region.”
Jafar heads Crescent Enterprises and is also president of Crescent Petroleum, both subsidiaries of Sharjah-based multinational Crescent Group that owns and hold stakes in firms in oil and gas, shipping, aviation and other sectors.
The Middle East is often represented as engulfed in instability, bloodshed and turmoil due to conflict and war such as that seen in Iraq, Syria, Yemen and Libya today. Some argue that this keeps investors and visitors away from the region, despite the success of Gulf Arab countries, particularly the United Arab Emirates, as a major trading and financial hub.
There are a number of major international brands from the region, such as Emirates, Etihad Airways and Qatar Airways. However, other multinational firms from the Middle East have not established global brands.
