Patrick Schwerdtfeger is a motivational speaker who can speak about economic development in Dubai at your next business event. Contact us to check availability. The full transcript of the above video is included below.
Full Video Transcript:
Hi, this is Patrick and welcome to another edition of Strategic Business Insights. I’m standing here in front of the Burj Khalifa, here in Dubai, which is the tallest free-standing man-made structure in the world, the tallest building in the world at the time of construction. It’s absolutely a mammoth, mammoth building.
And the history of Dubai is quite interesting because up until about 25 years ago, of course there’s a lot of money coming into this region of the world because of oil, but the profits from all those oil sales historically were being invested in United States. So they’re being invested in Europe or Japan or treasury notes. In other words, they weren’t being invested here in the Arab world, here in the Muslim world. But roughly 25 years ago, they started investing right here in Dubai. And it was revolutionary at the time. No one had ever done that before.
And so they started developing, and all of a sudden all the other GCC-region countries, all the OPEC producers, all these countries that had a huge amount of oil money in revenue to invest saw what was going on here in Dubai, and they all wanted a piece as well. So everybody started building here in Dubai and it was a race to the top, with every project being more extravagant than the last, everyone trying to outdo each other with the biggest this, the tallest that, the largest mall, the tallest building. It didn’t matter what it was, they were always trying to outdo the other, and the development of Dubai was incredibly fast, one of the fastest development periods of any city in history.
The interesting thing that’s happening is that now all these countries want to have their own center. They don’t just want it to be in Dubai. So you see that Abu Dhabi is developing very, very quickly. Kuwait City has developed quite quickly. Doha in Qatar is developing very, very quickly. They have FIFA coming as well, so there’s a huge amount of investment.
So all these areas right here in the middle of the Muslim world are being developed very, very quickly and it’s an excellent, excellent sign, because historically this part of the world, there wasn’t a lot of social development within the region itself. All the profits were going elsewhere. Now that the profits are being invested right here in the middle of the Arab world, people are starting to see what business is all about, what the structures are all about, what the laws and regulations, the structures and institutions that allow a free market economy to work.
This is not an entirely free-market economy. Dubai is quite close but some of the other places have regulations and some conservative values and so forth. But people are starting to see the importance of business and development within their social structure, and we’re going to see this continue and it’s going to reshape the region. It’s not going to happen overnight, but it is going to happen over the course of the next 10, 20, 30 years. We’re going to see a dramatic change in this part of the world, and that is good news for the other developed countries like the United States, Europe, Japan, where a lot of the tensions have been between this area and that area. The more that this area develops and starts to see the value of institutions and development in their own region, the better it is for the entire world’s stability, political stability of the world economy.
Anyway, thanks again for watching this video. This is Patrick reminding you to think bigger about your business, think bigger about your life.
Video Description on YouTube
Dubai has gone through a remarkable economic expansion. The real estate development in Dubai and the Dubai Marina has been more aggressive than almost any other city in the world. In this video, Patrick discusses the history behind the economic development in Dubai and what it means for the rest of the Middle East and, indeed, the rest of the world. Ever since Arab money started being invested in Dubai, other GCC countries wanted to develop their own cities as well. And now there is a race of development in Abu Dhabi, Doha in Qatar, Kuwait City and Riyadh and Jedda in Saudi Arabia. The implications are far reaching.
As the Muslim world develops, it’s citizens will see the impact and importance of a ‘free market system’ and it will likely moderate some of the tensions between the Muslim world and the western world. Like any region of the world, Muslims need to see tangible benefits of a free market system in their own lives before they can reconcile with it. The rapid development of Dubai and now also in the surrounding region is extremely important for the political and religious stability of the larger global economy.
NOTE: Patrick Schwerdtfeger is a keynote speaker who covers topics surrounding the Middle East and in particular, how western nations should interact with the Muslim World.
Patrick Schwerdtfeger is a keynote speaker who has spoken at business conferences in North America, South America, Europe, Africa, the Middle East and Asia.