Damsco Group: Future Investment Aspirations and Digital Transformation Applications in Dubai
After adopting the vision of Sheikh Zayed, and with the wisdom and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has succeeded in attracting major leading international, commercial and economic Institutions to compete on its territory, in accordance with the UAE’s legislation, laws and facilities. Faced with this great economic momentum Mr. Mohannad Fayez Al Masre, Chairman of Damsco Group decided to enter UAE’s investment market in 2011, after successful experiences in the Middle East.
The Dawn of Damsco group
Damsco Group was established in Damascus in 2004, when it started its investments in the fields of the Stock Exchange Market, the Main Food Commodities Trade, and the Automotive Trade. Soon, the Group was able to raise its revenues in the local market, and registered significant growth during the first four years of its inception.
After their success, the Group’s Board of Directors, led by Mr. Mohannad Al Masre decided to expand the geographical area of its investments by opening a branch in Baghdad in 2008, in addition to its projects in Syria.
These investments began in the oil and electric power generation sectors. The group has also entered major food tenders in Iraq to continue their success story further.
In 2011, the group opened an office in the heart of Dubai’s commercial city to enter the UAE’s economic competition. The Group’s Board of Directors believed that it was imperative to diversify investments. Thus they launched new projects in the real estate market, media marketing and government-related events in the UAE.
It was not long before the group set out for Europe through investments in Turkey. Indeed, an office was opened in Istanbul in 2017, to launch enterprises in the power generation sector and the trading of minerals and oil derivatives.
Why invest in the future?
Damsco Group is currently studying the possibility of digital transformation and the inclusion of digital applications within its diverse companies.
The group looks forward to competing in the “Joint Arab Vision for Digital Economy” launched at the end of 2018 in Abu Dhabi, and become a part of the digital equation in the future economic competition within the UAE.
The Group’s management believes that modern investment rules have evolved, and ambitious companies have to renew their “economic cells” to become more flexible and receptive to technological requirements, digital applications and challenges in the area of artificial intelligence.
People who are not familiar with the dynamics of the economy in Dubai may think that private companies, adopting digital transformation and smart applications, is a kind of “commercial vanity.” However, the city’s access to advanced infrastructure, communication technology, and the smart road transportation network allows for such “intellectual appearances”, and effectively contributes to the implementation of any project, regardless of its needs.
With these facilities offered by Dubai government departments, companies and institutions have two choices: Either a gradual shift to intelligent applications and a digitization policy, which is not easy, as this requires a clear strategic vision as well as an assessment of the company’s financial, human and technological capabilities that can make this vision a success.
Or, making a bold decision, and climbing the economic ladder to reach the summit, a necessary part of the future economic system in the UAE.
Damsco Group believes that conducting a digital transformation in its administrative and financial structure through the development of its internal departments such as public relations, human resources, financial management, personnel and other departments, will reflect in the productivity of its employees and its relationship with customers and competitors.
The Chairman of the Group, Mr. Mohannad Al Masre, through his cadres, seeks to develop innovative digital models to test the quality of their services and ensure the welfare of customers, while maintaining their professionalism and excellence. However, the Group did not disclose details about future implementation mechanisms as they prefer to wait until the right time in the future.
In this regard, the Group coordinates and cooperates with renowned UAE companies in the field of technology and innovative industries to ensure high quality and technological advancement.
In the end, everyone can start investing, but, a solid foundation and proper planning in any organization are what ensure its continuity and economic leadership.