Rebound gains some bounce

There are some signs that the economic downturn has reached its lowest point. While the business environment is still rather subdued, it seems it will not be deteriorating much further. This means the market is stabilising, with all indications that growth will resume as early as next year, albeit cautiously.

There have been some valuable lessons that have emerged from the current crisis. Thrasos Thrasyvoulou, MD of Al Habtoor-Specon LLC, says his company focused on regional expansion soon after its inception in 2006. The old adage of ‘not keeping all your eggs in one basket’ has been pivotal in allowing the company to sail through the current crisis relatively unscathed, bolstered by work in Saudi Arabia and Abu Dhabi, among others.

Thrasyvoulou also says that the vision and resilience of Dubai’s leadership, which resulted in the emirate attaining a leading global position in a remarkably short space of time, will stand it in good stead in the near future. “I believe the ambition of the local government is to re-establish Dubai on an upward trend again, and it will no doubt achieve this.”

However, Thrasyvoulou warns that the giddy growth of the past is unlikely to be achieved again soon. Indeed, he cautions against companies even thinking along these lines. The new business ethos is predicated firmly on consolidation and resource optimisation, with projects selected carefully on the basis of long-term viability and sustainability.

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This sense of cautious optimism about the future is shared by Al-Futtaim Engineering MD Dawood Bin Ozair, who declares that Dubai “remains attractive to the rest of the world. People still want to come here, invest here, and do business here.”

Al-Futtaim Engineering has also adopted a strategic approach to its growth since its inception in 1974. From these early days it played a leading role in developing many of the landmarks along Sheikh Zayed Road; today the pinnacle of its achievements has been as major MEP contractor for the Dubai Metro.

Ozair’s advice dovetails neatly with that of Thrasyvoulou – he says companies must nurture a reputation for quality and service that places them in a league apart. “MEP is one of those businesses where, if you provide a good service, you are called upon again and again.”

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