Cheap or Modern Furniture Business in UAE Essay

Cheap or Modern Furniture Business in UAE - Essay Example This in a nutshell speaks about the fast pace of developments in the region. UAE is the third largest economy in the Middle East and Central Asia region (Datamonitor, 2007). Dubai in itself is famous all over the globe for things like a preferred shopping, luxurious multi-storey apartments, flourishing tourism industry etc. Dubai's Jebel Ali Complex has added another feather in the cap of UAE. This complex presents a modern way of healthy and peaceful living. The Downtown Jebel Ali (DJA)1 is divided into four zones featuring housing and offices along with civic amenities, restaurants, shops etc. A furniture business will flourish if there is demand from domestic sector as well the industrial sector. Infrastructure development and encouragement to real estate sector provides lots of opportunities to the modern furniture business. The Economist Intelligence Unit in its report of October 2008 predict that the political system led by the president Sheikh Khalifa bin Zayed al-Nahyan gives out potent signals of stability and the pro-reform policies of the government are expected to provide further strength to its social and economic policies (EIU, 2008). The fact that ruling families in the other six emirates provide a firm backing to the UAE president provides enough political stability in the country. UAE has been a close ally of western world and finds strong support from US and some of the EU nations. With an eye on furthering the business prospects, UAE has been doing everything possible to invite investments from foreign companies in the country. The Jebel Ali complex in itself houses over 200 factories with facilities like a power plant, a deep water port, a free trade zone and a steel fabrication unit having many waivers for the industries. But it seems UAE will have to work really hard to make itself more attractive destination for investments and more competitive as compared to other middle east countries like Saudi Arabia, Bahrain, Israel and Qatar. These five countries figure higher than UAE in the World Bank's 'Doing Business 2009 report'. The country has scored quite badly as far enforcing contracts, ease of closing a business and protecting investors is concerned. These factors in fact play a pivotal role in encouraging or discouraging the business prospects of the country or the city. Sultan Saeed Nasser Al Mansoori, the minister for economic affairs of UAE outlines the objectives of its ministry in the coming days. Some of the objectives outlined in the statement are2; Develop new legislation in the economic field. Promote national economy to world-class competitiveness. Partnership with local authorities and private sector. Active local participation in national economy. Such objectives from the political establishment are bound to provide enough strength to the industrial sector and make the investment climate more business friendly. With a number of export zones, economic zones, duty free zones, easing of domestic laws and adoption of an IT friendly stance by the government UAE is fast becoming an attractive destination for setting up business activities. The presence of all ministries on the internet and development of a combined e-commerce website by the government, the government appears e-commerce friendly and tech-savvy. The rise in consumerism levels in UAE is one of the prime factors which