"I want to rule the world"

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BinHendi Enterprises has more than 70 international brands under its umbrella.

Dubai was small and whatever we did at that time was one of a kind. When  I opened my Pierre Cardin boutique it was the first stand alone boutique in the Middle East for Pierre Cardin, so our sales were fantastic.

"I opened the Pierre Cardin store and [then] I opened a car rental business, and then the furnished apartments."

The latest addition to the firm is the luxury watch brand, Jacob & Co. There is only one other store in the world, in New York. BinHendi asserts Dubai is below only that city in terms of the best global market.

"I think the Middle East has always been one of the best markets outside of the US," he says. "People love and take great pride in the collection of their watches and collection of cars, and collection of homes.

"Did you know that the Middle East is also the biggest consumer of perfume? They go sssshhuuhhhhhh [he waves his arms as if spraying perfume all over his body], shuuuuuuhhhh, shuuuuuhhhhhh and they finish a bottle... ‘Next!'"

Despite his optimism, BinHendi admits that business in the Middle East, like the rest of the world, is suffering as a result of the global downturn. And BinHendi Enterprises, he accepts, will not completely escape the fallout of the global crisis.

"America is weeping and that ripple has gone all over the world. China is complaining. The whole world is complaining," he says.

"We thought the English were very conservative and they have lost their shirts too."

As a result BinHendi's plans for expansion have had to be re-evaluated due to banks' current reluctance to proffer the necessary capital.

Although he admits that the years of abnormal growth are at an end, he still foresees 2009 as a profitable year for the company.

"The growth that we saw in 2007/2008 was not normal," he explains. "It is probable that 2009 will not be as good as those years, but it will be the normal growth of any normal business, of 5 to 10, or 15% - but we were expecting 40 and 45 and 50% growth.

"And, if that doesn't happen, I am not going to be disappointed."

Plans to expand the business in the GCC have also been temporarily suspended, but BinHendi's long term goals have not been affected. His strategy involves dropping the company's margins and accepting that profitability will be less than previous years. He professes the need to be very careful and consistent; to be conservative and to cut costs.

"To be honest we had such big plans this year, for 2009, but we have to shelve most of them. It doesn't make any sense to go ahead and open new businesses when the financial scene is sick.

"We had a great aim, to invade the GCC countries this year," he explains. "We have businesses in India because India is a growing market. Japengo [the firm's multi-cuisine restaurant] has been turned into a franchise concept, which we are going to take to America, Europe and the rest of the world - Russia, India, China, everywhere.

"Once the temperature goes down and help goes back to the finances then we'll think about it. Our target was based on 2008, so obviously we have to adjust that as it comes," he says.

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