Setting Exemplary Standards

A seasoned and experienced business professional’s take on the rise and growth of the consumer market in Dubai

Progress can be hard to quantify at times and in the case of cities and nations, sometimes one can lose the trees for the forest. In these cases, people or organisations that were there at the start, and have witnessed the growth and rise of a city right from the start, present the best vantage point to provide a panoramic view of progress.

In the case of Dubai, that person is Dr. Ram Buxani, Group Chairman at ITL Cosmos. Over the course of more than six decades, he has seen the city rise from rolling sand dunes into a leading market for international consumer goods. Synonymous with fair business practices, ethics, quality service and commitment to society, ITL Cosmos Group built its business-base from humble beginnings. Initially, textiles were the principal trade of the company. With the oil boom and the socio-economic prosperity that accompanied, the company under the guidance and leadership of Dr. Buxani moved into consumer electronics, in the process becoming one of the first companies in the region to do so. Thus began a new chapter of retail in Dubai as the company consolidated its pole position in consumer electronics, IT and PC products, telecommunications, home and kitchen appliances, photographic products, business equipment, data and storage products, clocks and watches, personal grooming products, household products, office stationery, textiles, linen and luggage, food and personal banking.

Today, the group is active in manufacture, distribution, retail and financial services, remaining at the forefront of the marketplace and bringing the latest products and services to the customer. Having watched the changing business dynamics, Dr. Buxani is aware of the paradigm shift within the sector and how the UAE Government has successfully realigned and pivoted its goals accordingly.

Talking about it in detail, Dr. Buxani said: “There can be no denying of the fact that there has been a paradigm shift over the years from what the industry was to what it has become now. Much of the credit at the same time also goes to the local government and regulators and how they have ensured that the market remains open and susceptible to international brands and products.” He further added that the positive attitude of the local government has helped the industry in adapting to the paradigm shift of bygone years by matching the level of openness present in the international market. And that has led to global brands and companies coming to the UAE and setting up offices here.

On the topic of local businesses and entrepreneurs taking up the challenge and rising to the occasion, Dr. Buxani said that the business landscape of the UAE market was in no less than any global sector and a lot of the credit for that had to go to the UAE-based entrepreneurs and businesses that had ensured to follow all the operational procedures and standards.

On the topic of advice for the new generation of entrepreneurs, Dr. Buxani said that the younger generation was more aware and savvier. “Like all markets, there will be highs and lows, that is the nature of international business, but to be ready for challenges and to rise above the obstacles, that is the mark of a true entrepreneur,” he said.

He further added that it was precisely this exposure to challenges that had led to resilience and adaptability in today’s entrepreneur, making them capable of withstanding hard and difficult times. “If we get afraid of the competition, we will never be able to come up,” he said.

“I think when we talk about quality of the product, Dubai is definitely is the market where you can get the best. You talk about restaurants, hotels, you talk about tourism, I mean, we have the best of the best in Dubai,” said Dr. Buxani when asked about the effect of greater competition among products and their effect on the consumer.

“That means people who enter the market are entering with a mindset of providing the best quality products. This translates to the best of both worlds for the consumer as they get reliable and quality-tested products at competitive prices,” he added.

Having grown up with the evolution of the Dubai market, Dr. Buxani is perfectly placed to have seen its meteoric rise and predicts greater things in the future for the relatively young market.

— ali@khaleejtimes.com