A.T. Kearney to support UAE economic expansion through regional base at DIFCPress Release 19 Jun 2006 11:21 am
Estimates continued economic diversification will see UAE GDP increase 60% by 2010
A.T. Kearney, the leading international management consultancy firm, today announced it will establish a regional base at the Dubai International Financial Centre (DIFC) to serve its growing number of local clients and support the continued diversification and growth of the UAE economy.
“Our client base in the MENA region has grown exponentially over the past five years and requires not only international experts from our mature operations in Europe, the Americas and Asia, but also the close physical proximity of a local office. The DIFC provides us with a world-class location from which to grow throughout the region,” said Dr. Dirk Buchta, Managing Director of A.T. Kearney in the UAE.
A.T. Kearney believes that UAE’s GDP can increase by 60 percent by 2010. This phenomenal growth will come through continued economic diversification based on three key drivers: direct investment, internationalization and development of new industries.
Direct investment is necessary to evolve beyond the free zone concept and begin expanding into key industries. TECOM Investments, the investment arm of Dubai Internet City, and Dubai Investments Group, Dubai Holding’s private equity arm, recently developed their foreign interests by acquiring a 35 percent stake in Tunisia Telecom for US$2.25 billion and a 60 percent stake in Maltacom for US$280 million.
The UAE has proven its ability to build and promote national champions, such as Emirates Airlines and its tourism industry. Continued development of local companies through acquisition, as with Dubai Ports and its integration of CSX and P&O, will help grow existing domestic companies.
The UAE Government is also investing heavily in new industries to increase participation across the value chain. This will lead to the creation of innovative industry clusters, such as the aerospace conglomerate Dubai Aerospace Enterprise (DAE).
Dr. Omar Bin Sulaiman, Governor of the DIFC, says that A.T. Kearney will be able to take advantage of growing opportunities throughout the region from its base at the DIFC.
“A.T. Kearney recognizes Dubai’s potential and has identified a growing need for expert management consulting services. The continued expansion and diversification of Dubai’s economy provides a unique opportunity for businesses such as A.T. Kearney to establish operations locally and throughout the region,” he said.
A.T. Kearney recently supported the feasibility study and launch of Dubai Aerospace Enterprises. It is working with a number of other undisclosed clients on projects that will further the economic growth in the UAE.
“The world is watching the UAE—especially Dubai—both with admiration for its successes and anticipation of its next move. We believe the UAE will serve as an example to the whole region, furthering economic development and stability. We aim to participate in this development by helping our clients turn their strategies into reality,” said Dr. Buchta.