The banking industry in the United Arab Emirates

The banking industry in the United Arab Emirates Background The banking industry in the United Arab Emirates is faced with fiancà © completion from public and private players. The United Arab Emirates has a well-developed banking sector and the economic strength of the country has created a business opportunities to foreign and local players.Advertising We will write a custom essay sample on The banking industry in the United Arab Emirates specifically for you for only $16.05 $11/page Learn More The economy has some of the world largest international banks like Barclays Bank, The International Bank for Trade Finance, Syria Gulf Bank and other small upcoming banks and microfinance (Syria Gulf Bank). This paper takes an analysis of Syria Gulf Bank; it will look into the company’s operating base and its competition. Which business do you think will be the biggest competitor in the United Arab Emirates, why? The main competitors that the bank is likely to face are conventional and Islamic multinationa l banks that have stated to venture in the United Arabs Emirates business. Among the banks, the bank that seems to have much power and can be said to be the greatest threat to Syria Gulf Bank is Barclay’s banks limited. The reason for singling out Barclays as the main competitor is its international operations and the services that it has embarked on in its branches. Barclays’ Bank is among the oldest banks in the world; it has grown with different economies and transformed with changes that are facing the sector; one way that the bank has used to integrate its business is the use of single fund transfer and access to ones account at any Barclays bank in the world. This means that a customer of the bank has the ability to make banking transaction in any country without having to undertake some interbank transfers; this rate of efficiency coupled with the banks international presence in different countries offers it a higher chance to convince customers that it is the b ank of choice. For example, a customer who is transating with the bank in the United Stattes of America receives a transfer by a customer at the United Arabs Emirates on the spot (Barclays Bank).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When Syria Gulf Bank is engaging in an international transfer, mostly in the countries that it has not established a branch, it has to do this using another holding bank. This takes time and is costly to the customer. Another area that Barclays bank has been able to stand strong is its financial base; the company has been in operation for a couple of years thus it has accumulated a financial base that it uses to expand its operations; the strong financial base assist the company tap new upcoming business opportunities leaving others banks with less financial base struggling. In the wake of global financial crisis, the company has been able t o use its financial base to acquire assets and make policies that strengthen their business approach. The most competitive parameter that Syria Gulf Bank has is its specialized services, the company has only few customers thus it can forge its services and products to meet the needs of the customer. This facilitates business since a customer does not need to queue for banking services. Again the technology adopted to handle the business of the company is high tech, the Automated Terror Machines and internet banking are highly efficient and not jammed as the case is with Barclays such services. The above moves by the company are likely to offer it a competitive edge than Barclays (Syria Gulf Bank). What is the difference between vision and mission in formulating business strategies; please provide relevant examples released by international companies When making operating strategies, managers are guided by the company’s, mission, vision, and corporate objectives; the business frameworks are provided by the shareholders or the entrepreneur who have the mind picture of what they want in their organization. When the mission, vision and objective are fulfilled, then management agency relationship or contracts are fulfilled. An effective mission, vision and objectives should be attainable and reflect the needs operation of a company.Advertising We will write a custom essay sample on The banking industry in the United Arab Emirates specifically for you for only $16.05 $11/page Learn More In the international business arenas, there are some countries that have fulfilled their visions and missions continuously; they include Toyota Motor Corporation and Emirates Airlines company in the United Arabs Emirates; this section of the paper defines the major difference between mission and vision, it will be suing examples of Toyota company and Emirates Airline company. Mission Mission defines the main business of the company and how it aims at fulfilling its business; it has the business objectives and goals of success that when fulfilled the company will have attained its business competitiveness. Toyota has a mission statement as, â€Å"To attract and attain customers with high-valued products and services and the most satisfying ownership experience in America†( Toyota Motor Corporation Corporate Website). The management either in Japan where the head quarters are, or in other branch are guided by the mission they want to attain. When one analyzes the mission statement, the company simply illustrates how it wants to add value in peoples life, through its innovative products. Emirates has the mission of â€Å"An exceptional journey from start to finish,† † (Emirates Airline Company Corporate Website); this means that the company is willing to offer high quality transport services to its customers all over the globe. The mission has been attained through massive inventive and innovative of models, and involvement in corporate social responsibilities. To attain the mission, the company needs to keep reminding its human capital and stakeholders on the reasons of its being. Leaders should always make policies that assist in the attainment of the mission of the company. Vision statement Vision defines what a company want to attain after it has fulfilled its mission; this is what it aims at in the eyes of the people. Toyota vision â€Å"To be the most successful and respected car company in America (Toyota Motor Corporation Corporate Website).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Vision of Emirates is, â€Å"caring for our employees and stakeholders as it grows its business to higher heights; the company understands that it can only remain competitive and profitable† (Emirates Airline Company Corporate Website). The attainment of the vision will only be realized after the company has set appropriate internal processes that target the world market; the internal processes that the company has implemented are aggressive marketing, innovation, research and development among others. It is worth noting that mission statement is more skewed to what the company want to attain and how to attain it while vision statement is more on the critical success factors that can be seen after the attainment of the vision statements. In modern contemporary business world, leaders have the role of formulating mission and vision statements that are attainable with the potential that a company have. To support the two strategic management tools, a company needs to have c orporate objectives and goals; the objectives and goals assists keeping the business on track. Barclays Bank. Barclays Bank in the United Arabs Emirates , 2011. 07th May 2011. Emirates Airline Company Corporate Website. Emirates, 2011. Web. Syria Gulf Bank. Syria Gulf Bank, 2011. 07th May 2011. Toyota Motor Company Corporate website. Toyota,2011. 07th May 2011.