The SME Revolution Starts in Dubai and GCC
By Naseem Javed Founder, ABC Namebank International | May 04, 2010
The Western economies realized decades ago that small and medium enterprises are really the main drivers of the economy. While big businesses are necessary to preserve and maintain structure within the economy, surely they have considerable problems of their own. Mega corporations of the earlier era have increasingly lost their edge to smaller, nimbler organizations, which have spouted all over the Western landscape. The Middle East is now a new turning point for SME's to begin a grassroots revolution.
Four Driving Forces
1) The Critical Mass
Middle East and particularly the super-charged Gulf-Cooperative Council known as a GCC region, the current GCC members are Saudi Arabia, Bahrain, UAE, Qatar, and Oman. This also ripples into bigger Middle East and Middle East & North Africa known as MENA regions.
GCC nations are in a major transition, something so dramatic and so powerful that when it comes to new business formation front then all this is pointing to a mass incubation of new enterprises all over this region. Dubai is now such a dynamic place and unmatched by any other region on this planet; the examples set by Dubai provides the fuel to this expansion, and brings a brand new high level of confidence.
The speed and operational level is dramatically high, and it may continuously re-charge in a way that was similar to the1990 American e-commerce boom, which erupted in a chain reaction of one success leading into several others, simultaneously. Though, at times, we refer this American boom period as 'irrational exuberance', but still the dotcom boom followed by a long bust was still only a small hiccup towards the long haul of the e-commerce revolution. There is a similar pattern emerging, this massive growth may get a bump here and there but it is gathering momentum and amassing its own critical mass with signs of longevity.