Rising From the Ashes: Filipino Businesses in Dubai Prepare for a Strong Recovery
Dubai, United Arab Emirates — As the winds of change sweep through the Middle East, hopes are rekindled for Filipino-owned businesses in Dubai. With easing tensions between Iran and US-Israeli forces, these enterprises, which once faced daunting challenges, now have a chance to rise and thrive once again.
At a recent symposium hosted by the Philippine Business Council – Dubai and the Northern Emirates (PBC-DNE), around 50 passionate Filipino business leaders gathered at the Dubai Chamber of Commerce. They came together to share insights on resilience and strategize for the future.
The Toll of Conflict
The conflicts in the region disrupted supply chains, leaving many businesses grappling for breath. Dr. Ben Lebig Jr., a seasoned financial planner in the UAE’s oil and gas sector, emphasized the necessity of safeguarding liquidity. He declared, “Cash is king!” as he encouraged entrepreneurs to map out a cash forecast and establish a fund for operating expenses for the next six to twelve months.
“Accelerate collections and slow down on payables,” Dr. Lebig advised, underscoring the importance of tracking every expense. “Involve employees in this process,” he added. Every penny counts, and cutting non-essential spending quickly is key to survival.
Focus on Opportunities
Dr. Lebig also stressed the importance of focusing on your most profitable customers. “Explore new revenue streams,” he suggested, “and renegotiate thoughtfully, aiming for win-win outcomes.” Stability is crucial, and he urged business owners to refinance short-term debts into longer maturities.
“Contingency planning is your secret weapon,” Dr. Lebig remarked. By developing scenario plans and testing business strategies, entrepreneurs can better prepare for future challenges.
Navigating Supply Chain Challenges
One entrepreneur, Rolly Brucales, owns three food and beverage establishments, including a popular seafood restaurant that recently celebrated its tenth anniversary. Reflecting on the challenges posed by the war, he shared how his foresight helped them weather the storm.
“When we realized the conflict would impact the supply chain, we shifted to sourcing locally,” Brucales explained. “Supply chains were hit hard, so we had to adapt quickly.” His proactive approach included stocking up on local seafood catches just a week into the conflict.
“We have strong relationships with our suppliers,” he added, noting that this allowed them to stay updated on critical items. This adaptability has placed Brucales in a better position, allowing him to sign a lease for a new location amid declining rents.
A Unified Front
Evangeline Asiyah Monjardin, head of the PBC-DNE, expressed deep gratitude for the UAE’s unwavering support of the expat business community. “This country has never treated us as an afterthought,” she remarked. “The support has been steady and deliberate.” Monjardin reminded everyone of the importance of solidarity, especially in tough times.
“The current environment is challenging,” she acknowledged. “Regional instability, rising costs, and slow approvals are real pressures we face.” Yet, instead of rushing past these realities, she urged attendees to acknowledge them and strategize accordingly.
Fatima Al Madani, senior manager of business relations at the Dubai Chamber of Commerce, echoed similar sentiments, highlighting the contribution of the PBC-DNE across various sectors. She also welcomed the recent opening of a DCC office in Manila, marking a significant step towards closer ties between Filipino and Dubai businesses.
Looking Ahead
With over 250 members, the PBC-DNE represents a vibrant array of businesses across tourism, food and beverages, construction, and more. As they navigate the complexities of recovery, the words of Dr. Lebig resonate: “Stabilize your cash flow and plan for the future. Adaptation is the key.”
As hope shines brighter than before, Filipino entrepreneurs in Dubai are not just surviving; they are evolving, ready to soar beyond challenges and embrace a promising future. Together, they are writing a story of resilience, transformation, and triumph.
