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 t...