International business practices. Business & Marketing Essay

International Business Practices
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International Business Practices
In this assignment, I choose Dubai city in the UAE as the region where I will open a regional bank office to serve international businesses. Banking services require a stable and active business area for their growth (Pradhan, 2019). Hence, an investor needs to assess the stability, security, and market growth of an area before making final investment decisions. Dubai is a famous city in the United Arab Emirates (DIFC, 2020). The city is rich as it has oil, which was discovered over fifty years ago.
I choose the Dubai city to be my investment area since it has a significant international finance Centre known as the Dubai International Financial Centre. The financial center stands on land, covering more than 100 hectares and was established in 2004 (Mack, 2019). The financial hub serves various markets for countries such as Africa, the middle east, and South Africa. According to research, most of the businesses that take place in this center include financial services, insurance, and banking.
Opening a regional bank in this country will of great help to various groups such as developing countries, stakeholders, and investors (Oxford Business Group, 2019). Investing in Dubai will allow us to establish and grow a strong relationship with different investors, which will motivate us to open other branches in other countries. Hence, this will allow us to serve more people in the world (UAE, 2019).
Secondly, the investment will create an excellent picture of the world as it will make them understand we can bring change to a nation (Mack, 2019). Thirdly, we will be exposed to new business opportunities in the world that will strengthen our brand and earn us more revenue. Lastly, our presence in the country will be of great help to the developing countries since it will allow other developing countries to be researched for ethics, business, and educational purposes to determine their potentials.
Globally, Dubai is known for its involvement in regional integration efforts. The country engages in open and free trade with several countries across the world. These countries include Australia, eight countries in Europe and Africa, twelve in Asia, and two in South America (Mack, 2019). The city has strict and clear rules that govern the business activities that take place in the financial center. These rules enhance its stability and control, which strengthens the businesses (DIFC, 2020).
Dubai city working together with other nations across the world, indicates that it embraces love and diversity, which reduces cultural conflicts and ethnic differences. Thus, opening a new business in this location will not experience significant challenges related to ethnicity and culture (Oxford Business Group, 2019). According to research, the country's financial center is occupied by people from various diversities, which has enhanced oneness.
I have several reasons as to why I chose Dubai as my location for the bank. First, the city has a financial center that is among the top-listed financial hubs across the world. Hence, I felt that the place having many businesses running could contribute to my success since banking or financial services will be on high demand (UAE, 2019). Secondly, the country has many scenic places where most tourists visit, allowing for more trade. The city has many cafes, hotels, and restaurants catering to locals and tourists, which can lead to the success of the banking business.
Thirdly, the country has a fair, free trade, which gives investors a chance to grow without discrimination. The free trade does not categorize countries based on their developed economies, which is evident as American countries work with African countries (DIFC, 2020). Furthermore, Dubai has other pleasing characteristics, such as diverse culture, significant rules, and low-crime rates, which favors the growth of businesses. Based on these reasons, I believe this is the best location I chose for my bank.
As the manager of the business, there are various assessments that I would carry out to determine whether I will open an office in Dubai or not. First, I would consider the innovation and creativity changes in the city. Second, I would consider the available banking and trade opportunities to avoid business failure due to high competition (Oxford Business Group, 2019). Lastly, I would look at the security measures of the country to ensure there will be little or no losses through crimes cases such as thefts (UAE, 2019). However, based on these assessments, I feel safe to open an office in the city. Dubai is known for its high adaptive measures in embracing innovation changes.
Most of the city's offices are modern, and people keep on changes in business products through continuous innovation. The innovation strategies contribute to positive banking and trade changes, which has enhanced the success of its financial hub for an extended period (DIFC, 2020). Secondly, the state has a healthy respect for rules and regulations that guides business opportunities, trade, and banking that enhancing its success. Hence, as a manager, I feel the country has a stable and robust control that can allow our growth (Oxford Business Group, 2019). Moreover, I feel that the city has passed all the assessment measures that I have conducted, which improves my confidence in it.
Dubai has one of the m...