Friday, 8 June, 2018

Daniel Pacic Featured in Business Magazine

Daniel Pacic, Vistra’s Commercial Director for Corporate & Private Clients in UAE was recently featured in Sarajevo's bi-weekly "Business Magazine". 

In the interview, Daniel shared his views on Dubai as a model for rapid economic growth, emphasising that the Dubai government had always focused on infrastructural development and connectivity, with the four T's (trade, transport, tourism and technology) being defined as a key area of development.

Please click here for the full article in Bosnian.  

Below is a short summary in English:

Daniel shares that the Dubai government had always placed an emphasis on infrastructural development and connectivity, with the three T's (trade, transport and tourism) being defined as a central focus. A fourth T, technology, has been added, embodied by the Dubai Smart City initiative – to prepare the city for the visit of 30 million people during Expo 2020.

He dispelled the myth that Dubai, on its own as an Emirate, was ever an oil-based economy.  Even during the 70s, the oil and gas sector never made up more than 20-25% of Dubai's GDP. Instead, much of the initial revenue earned from oil exploitation and export was invested in the city's infrastructure, beginning with Jebel Ali port in 1979 built under the patronage of His Highness Sheik Rashid bin Saeed Al Maktoum. Even today, this structure is the largest man-made port in the world and among the top five busiest. This long-term vision, characterized also by the development of Dubai International Airport and Emirates Airlines as one of the UAE's flagship brands, has led to the oil and gas sector now committing little more than 2% of Dubai's GDP in 2017 (AED 389 million).

There are other parallels with countries that make up the former Yugoslavia with several similarities with Dubai including geographical location, sea access, a well-educated population and a well-developed IT sector – all to deliver quality services at a much lower cost than in many other jurisdictions. Economic diplomacy between S.E. Europe and the GCC in general is on the rise, with several countries now having fully-functioning embassies and consulates in Dubai and the UAE. This has been of great benefit to local firms looking to place their products in the Middle East, either through large distributors or by means of setting up a presence. 

 

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