On November 25th, the Dubai government of the United Arab Emirates announced that it would reorganize its largest corporate entity, “Dubai Worldâ€, and requested that the latter’s debt repayment be suspended for six months. As soon as the news came out, global stock markets, foreign exchange markets and gold prices fell. For a time, global panic was pervasive.
Dubai, known as the “Middle East Gatewayâ€, is the largest trade distribution center for Anji Chairs in the Middle East and a transit point for exporting to the Middle East market. In the crisis, how is the impact of Anji's swivel chair products and how the risks are controlled. The reporter connected some of the business owners.
"I heard that many business executives who have branches in Dubai have already rushed to deal with it, and I am also preparing for the past." Yesterday morning, in the interview, Zhu Jianlin, the head of the furniture of the county who first set up a branch in Dubai, said. Although the crisis is caused by the real estate industry, the furniture industry related to it will be affected, but we are still optimistic about the Dubai and Middle East markets.
It is reported that the Anji chair enterprises registered in the County Foreign Trade and Economic Cooperation Bureau have four companies in Dubai, and there are more than 10 Anji enterprises that set up branches in Dubai through other channels. According to foreign trade data, as of November, the export value of our county's exports to the region was 4.16 million US dollars, showing a high increase of 56.2%.
As the largest entrepot trade market in the Middle East, Dubai is also the transit point for Anji chair industry to export to the Middle East market. The branch office established in Dubai is the most affected. Zhu Jianlin of Dingli Furniture said that the establishment of a branch office in Dubai in February with a registered value of 1.5 million US dollars has been maintaining good operations. The short-term vacuum period of furniture consumption caused by the debt crisis caused by the debt crisis will definitely affect the chair enterprises that set up branches in Dubai. However, because all of them are cash transactions, the contact with financial institutions is small and the impact is small. It is optimistic about the market.
During the interview, a number of heads of Anji chair industry in Dubai said they shared the same views with Zhu Jianlin. They believe that only Dubai is dominated by real estate and tourism in the region, and the remaining five emirates are dominated by oil, and the crisis will not affect the entire region.
The relevant person in charge of the County Foreign Trade and Economic Cooperation Bureau said that the Dubai debt crisis is only a corporate behavior, which indirectly affects the furniture industry is not very large, and the annual export value of more than 4 million US dollars is only equivalent to a medium-sized chair industry in our county. The output value of export enterprises will not affect the overall situation.
In the face of the sudden crisis, the heads of enterprises such as Dingli Furniture, which has branches in Dubai, arrived in Dubai for the first time. “Because the amount of orders in the short period of time will decrease, we must make corresponding adjustments in inventory, raw material procurement, and production planning to avoid unnecessary losses.†Zhu Jianlin said that it is the best way to look at the changes in the Middle East. The optimistic outlook for the overall development is the main reason for our optimism. Invariably, the chair industry enterprises such as Jiaruifu and Botai, which have trade relations with the Middle East market, also expressed the same view.
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