15/08/2026 by Steve Parker of www.steveparkericd.com
I thought I should use this opportunity to share my thoughts on a region you will have been hearing lots about recently, but maybe not in a positive way. It is a region that I first visited on business in the late 1970’s and have been working with and in ever since. Dire Straits provided some of the musical background and the Sheikh Zayed Road in Dubai had 2 lanes and hardly any buildings after the World Trade Centre, but today if you believe the UK press, you may think they are talking about the Straits of Hormuz. Who knew that a strip of water could be used to hold the rest of the world to ransom and influence their economies so drastically?!
As events will undoubtedly have changed by the time this is published, let me share some insight and positivity, of things I have learned recently and since those younger days…..
I get Gulf media in my inbox every day and read it because I am genuinely interested. The perspectives are completely different to other Global media. Read both and like me talk to people you know who are living and working there to get a real understanding.
When I first visited in the late 70’s,I had been educated in the UK to believe finances and financial performance ruled everything. I learned from the Gulf people that Relationships are everything and it is more valuable to concentrate on what may happen in the future, than what someone or some company may have done in the past. Relationships survive conflict.
Many of us leaders talk about Strategy but the most brilliant examples are Gulf states diversifying away from a reliance on Oil &Gas for their income. Tourism, whilst recently being affected, has been spread widely from just the UAE to the other states and all whilst preserving and maintaining the core faiths and beliefs and values of those states. Arguably done more successfully, than closer to home, in respect of the latter. See later comments.
Within this diversification and in answer to economic weaknesses magnified by Covid and other world events, the Gulf region continues rapid expansion of Manufacturing. It reduces their reliance on imports, including for Food & Drink, transport and other essentials to the economy.
Goods and people including residents, businesses and tourists need to be able to move freely and easily. The once 2 lane artery ( the Sheikh Zayed Road) became several lanes and then volumes of traffic caused problems and frustration. The rulers decided this would affect Business investment, expats wanting to move and tourism. They built a metro rail system while the UK and others were tying themselves in Knots over regulation. It solved the problems. They have just built another rail line from Sharjah to Abu Dhabi via Dubai. Everyone will be using it soon.
There has not been much UK media attention to the UAE withdrawing from OPEC. There should have been! The implications of the decision, include that they can fuel Emirates and Etihad Airlines and others more cheaply, so get more tourists and business travel back and faster. They can provide the energy to manufacturing more economically and not be held to ransom by issues in the Straits, or by speculative Oil & Gas price volatility.
While news headlines and reporting in UK and other media have concentrated on Trump actions, the region apart from extensive diplomatic efforts, has been taking other economic measures to prevent any outcomes affecting them in the future. As examples, a pipeline is almost 80% complete, that will enable Oil to be moved without vessels needing to go through the Straits of Hormuz. Ports outside of the Straits are being modified and adapted to take tankers, so they won’t have to enter the Straits either. Maybe with all these measures and more, the implications and effects of the current methods of trading Oil & Gas globally and the huge variations in prices, will be diminished and greater stability and real controls over inflation in countries worldwide can be achieved?
Some final thoughts for you……. One of the biggest hits of Dire Straits was ‘Brothers in Arms’ and lyrics about a soldier on the front line and his thoughts on futility of conflicts. The Iran war has been different and Gulf nations have been successful in intercepting more than 90% of missiles and drones aimed at them.
Interestingly people of multitudes of nationalities and cultures who have largely stayed there, have done so because they believe they are being so well kept informed and so appreciated by the rulers, that they now call the region Home.
Investment in the region in business and properties and the opportunities available, has been continuing and even when we all thought that some parts of the region were almost in lockdown, Dubai Duty Free has since reported that their fashion & luxury shops were doing about Dhs 2.2million per day with an average spend of £2000 per person?!.
Brothers in Arms appears to mean something different in 2026 and we can continue to learn from the rulers and business leaders in the region. I now work with some of the sons and daughters, who combine what they learned and observed whilst being educated in the UK and USA, with Arabian values and ways of doing business. Wishing for more peaceful times, It’s a privilege to work alongside them.
Steve Parker
Director Steve Parker ICD International Company Development