Kuwaiti businessman Mohammed Abdul Aziz Alshaya, Executive Chairman of Alshaya Group, commended the significant support investors receive in Dubai under the leadership of Sheikh Mohammed bin Rashid Al Maktoum. Speaking at the UAE-Kuwait Economic Forum, he highlighted the government's flexibility and speed in updating laws to facilitate business operations. The forum took place during the 'UAE and Kuwait: Brothers Forever' week.
During a session titled 'From Kuwait to the Region and the World: The Rise of Retail Companies,' Alshaya shared the group's history, spanning over 100 years. The venture into global brands began in 1982 with a children's clothing store, the first of its kind in the region. The group has since expanded into fashion, dining, pharmaceuticals, and other sectors.
For aspiring entrepreneurs, Alshaya emphasized the importance of long-term strategy and perseverance.
«The key to success lies in long-term planning and continuous perseverance, along with a commitment to building a solid reputation, which facilitates business sustainability».
Addressing challenges, he identified major Chinese e-commerce platforms as a primary threat, citing their advantage of avoiding traditional costs like taxes and rent. To adapt, Alshaya Group has shifted approximately 25% of its fashion retail online, delivering products directly from local warehouses. He also praised the dedication of Emirati youth working in the group's branches and confirmed plans for further expansion into Uzbekistan and Georgia.
