Traditional family businesses in Arabia risk losing out to international corporations, says Al Qassemi

According to Sheikh Faisal, the increasing dominance of international brands in markets such as the UAE means that traditional trading groups have been forced to re-evaluate their position in the market.

''Small family businesses are essential and needed in any market to provide personalised services, but they will always stay as small as they think,' he said.

'When it comes to stepping up to growth and challenges against international brands, there is no room for the traditional 'souk' mentality for companies that wish to compete with international brands in Arabia.'

'International companies bring international standards and, most importantly, transparency and corporate governance. Traditional family companies, which have operated for decades in a 'bubble' of limited competition, must now re-evaluate their market offering.'

Sheikh Faisal's comments came in the lead-up to Leaders in Dubai on November 29-30, where he has been appointed a Corporate Ambassador, and will be introducing the workshop held by management guru Tom Peters.

The Al Qasimi Group has moved from traditional small business to include businesses of international standards in their activities like manufacturing, financial and insurance markets. The Group has spearheaded the development of 'newer' industries such as the real estate, tourism and travel industries in the Emirates alongside its multi-faceted retailing enterprises.

Sheikh Faisal added: 'Traditional family businesses should now shape up to meet the evolving needs of this changing marketplace. They should be clear on how they can offer niche products in specific markets, and then focus their attentions within these areas.

'The development of local and regional brand names is essential for the ongoing business growth of this region - money needs to be invested in the future of regional names, rather than signing blank cheques to import international brands.'

Sheikh Faisal joins a number of key executives from Arabia's business and semi-government sectors as corporate ambassadors for the ground-breaking event, which is expected to attract more than 2,500 delegates from the region and further afield.

The presence of the corporate ambassadors lobby came at the request of 'Leaders in Dubai' speakers - including former New York mayor Rudy Giuliani and Jack Welch, ex-CEO of General Electric.

The event's seven global leaders wanted a group of the Middle East's most recognised and contemporary business leaders at the event to debate ideas for future regional leadership development.

The global leaders on stage include: Peters, the management ur-guru; best-selling author Frank Maguire; MIT's Professor of Management and Economics, Lester Thurow; and the influential futurist, Alvin Toffler.

Up to 2,500 delegates are expected to attend 'Leaders in Dubai,' organised by LEADING MINDS, part of the international group IIR. It will be the biggest business conference at the Dubai International Convention Centre since the Annual Meetings of the World Bank and International Monetary Fund in September 2003.

Leaders in Dubai is sponsored by EMAAR, Saudi Basic Industries Corporation (SABIC), Citigroup, Shell, Nokia and Visa International. Al Hayat, Ameinfo.com, CNN and Gulf Business are the event's key media partners and the support hotel is The Fairmont, Dubai.