Cambridge, MA - July 18, 2006 - Despite renewed strife in the Middle East, a new report by FAO Research, Inc., the only research firm focused exclusively on the Finance & Accounting Outsourcing (FAO) market, predicts that Dubai - the "hidden jewel" of outsourcing destinations - will soon emerge as a major services geography to supply the talent, economic enhancements and quality-of-life opportunities desired by companies seeking alternate geographies for the delivery of finance & accounting-related services. (see attached Table of Contents)
Strategically located near both Europe and Asia, Dubai has transformed itself over the past two years from a barren and lonesome desert into a tourist and commercial business oasis. Its Dubai Outsource Zone (DOZ) - one of many technology-specific areas within the emirate - offers strong financial incentives, government assistance, state-of-the-art infrastructure and support services seen nowhere else in the world. In fact, Dubai intends to generate 70% of its GDP from the services sector by 2010, with only 5% attributable to oil, an industry which continues to fund most of its growth.
"Dubai is emerging as an international business mecca," said Lisa Ross, founder and CEO of FAO Research. "We predict that its revenues generated from rising oil prices and a growing tourism trade will continue to propel Dubai as a sustainable option for companies seeking globalization as a means to facilitate profitability, business growth and customer satisfaction."
FAO Research's latest report, "Outsourcing in an Arab Nation? Dubai as the Hidden Jewel for Finance & Accounting Outsourcing, Shared Services and Captive Centers" is the result of a five-month, independent investigation into Dubai as a non-traditional yet up-and-coming outsourcing location. The report suggests that DOZ's financial business incentives, outsourcing-friendly infrastructure, focus on the Financial Services sector and competitive labor pricing make it an "extremely attractive option" as an F&A service delivery location from which companies can source services.
For example, Dubai's Outsource Zone (DOZ) offers 100% exemption from all taxes, a reliable telecommunications and technology infrastructure, fast and easy business set up options, an overabundance of skilled workers from around the world and many other benefits. Targeting a 5% share of the global outsourcing industry, DOZ seeks to have between 200-300 companies by 2010. DOZ initially is targeting "partners" in the United States, India, the UK and Germany, focusing primarily on attracting mid-range to high-end business process outsourcing (BPO) and knowledge process outsourcing (KPO) companies from sectors like: finance and accounting, human resources, transaction processing, IT, graphics, engineering, R&D and energy.
"As though the beaches, beauty, amenities and weather are not enough, DOZ is positioned to become a significant outsourcing location due to its low costs, efficient and modern infrastructure and access to a cost-effective labor pool speaking numerous languages," Ross said. "With a cadre of well-established technology giants and other institutions already in Dubai, we believe that DOZ can provide global FAO suppliers and others with the operational infrastructure and cost climate necessary for offshore outsourcing success."
After working closely with the government of Dubai, FAO Research compiled its latest report with a comprehensive overview of Dubai's political structure, DOZ's growth strategy and support services, details about major business developments in Dubai and an overall assessment of DOZ as a sourcing destination of choice. The report's several appendices offer illumination on the history of Dubai and the United Arab Emirates, a summary of current business risks (political, economic and financial) and resources for further details about the UAE, Dubai and the DOZ.
One of 18 reports to be published by FAO Research in 2006, "Outsourcing in an Arab Nation? Dubai as the Hidden Jewel for Finance & Accounting Outsourcing, Shared Services and Captive Centers" is the first in a series of four geography-focused reports to be published by FAO Research over the coming few months that explores the intricacies FAO suppliers and others may face when investigating non-traditional sourcing destinations. Other reports in the series will focus on China, Malaysia and Ontario. At 48 pages in length, the Dubai report is available as part of FAO Research's annual subscription package or can be purchased separately for $1,500. For details and a detailed Table of Contents, visit www.faoresearch.com.
About FAO Research
FAO Research, Inc. is the only independent research firm worldwide focused exclusively on the Finance & Accounting Outsourcing (FAO) market. Headquartered in Cambridge, Massachusetts, FAO Research conducts market research and performs custom consulting services for FAO service providers, advisors and companies that want to better understand FAO market activity, the supplier landscape and buyer needs. With frequent publishing of reports and independent, unbiased viewpoints, FAO Research is a trusted source for impartial research and opinions. In addition, FAO Research offers finance & accounting professionals access to "FAO JobSearch" - the industry's only independent source for FAO-specific career enhancement services, including current worldwide job listings and career advice specific to the FAO market. For more information, visit www.faoresearch.com.
For more information:
Joyce Radnor
Spice Communications
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