It was a sunny morning, my first outside India. And as I woke up to open the windows of my hotel room, I could only feel a stream of hot air getting sucked inside penetrating my face. From “Why would people even live in this part of the world, let alone do business” to “Why would anyone, not want to do business here,” the International Immersion Program enlightened us about the practical aspects of business in the Middle East. Thanks to IIM Visakhapatnam and its faculties for facilitating such a course.
This course ‘Business Planning in International Markets' aims at understanding the market conditions, regulations, competitive and locational advantages of a foreign country. We were given an option of choosing Dubai or China for this mandatory course. And why would anyone think of missing such a college sponsored trip? Accordingly, a part of the batch chose China while the others went to Dubai. I, having chosen Dubai, will try to summarize the takeaways of the program.
Meetings were scheduled at different slots by our faculties with the top management of various organizations and institutes. Ericsson, DAFZA (Dubai Airport Freezone), Raw Trade International, the University of Wollongong in Dubai, IMT Dubai, UK Steel Trading Company, Apparel Group, Al Kabeer Foods were a few to name.
The Director and the PR personnel of the DAFZA threw light on how the free zones work and how they are different from the other free zones at Dubai. We were also told about the shifting focus of Dubai towards sustainable revenue sources, reducing their dependence on oil and how the World Expo 2020 would help them achieve it. This six-month long exposition could be the game-changer, which Dubai is looking forward to.
On the financial side, Mr. Krishna Dhanak from Aphen Holdings took us through the Islamic Banking and the size of banking activities that occur in the GCC countries. Having visited the knowledge village and the Academic city we got a picture of various academic institutions present and the kind of courses they offer. The Dean of Business Administration of University of Wollongong at Dubai even explained to us the practicality of starting a business in that part of the world. The other companies visited were from the industries of Retailing, Manufacturing, Food Processing, Technology covering the whole spectrum of Markets in Dubai. With this understanding, it is now upon us to come up with a business plan tailor made for Dubai (GCC).
Well, the trip didn’t end here. How could one return from Dubai without visiting the Burj Khalifa? This towering wonder could serve as a compass for those getting lost in the vast city. From buzzing through the 240 kmph roller-coaster in Ferrari World to witnessing the locals perform to Arabic music in the middle of the desert, this was a trip to remember for every one of us.
