The company that changed the market
When we speak of business expansion, competition, and the challenges of entering the Dubai market, questions arise about the advantages and disadvantages of this direction. Against this backdrop, the calm and confident development of a family business with more than a century of history evokes genuine respect. Our regular columnist, Marina Melekhova, co-owner of the Finex group of companies, shares how she led the company to become an industry leader over 23 years and reached a global level.
FINEX was founded by my father in 2001. It is a family business built on the experience of several generations. My grandfather, Ivan Melekhov, was an outstanding scientist in the field of forestry and the first director and founder of the Institute of Forestry in Russia. My uncle also pursued scientific activities, and my father, Evgeny Melekhov, continued studying forests and held a doctorate in biological sciences. The emergence of the FINEX brand was a natural continuation of family traditions: invaluable experience and a serious scientific foundation formed the basis of the company and its proprietary production technologies.
Over 23 years in the market, I have managed to lead the company to become an industry leader. By partnering with the world's best designers and architects, we have completed over 300,000 projects worldwide, from fashionable boutiques and popular restaurants to secure government facilities.
Our undeniable advantage is our own large-scale production: two modern factories in Russia. We create the highest quality parquet and offer the widest range of natural wood flooring on the market, including engineered wood from valuable species, innovative wooden tiles, modular parquet with inlays, and joinery products.
FINEX's mission is to provide unlimited possibilities for creating unique interiors. We produce over 37,000 product items, including premium collections and exclusive modules, and more than 20,000 designers have already chosen FINEX as a partner to bring their most ambitious ideas to life. Our products serve as a tool for creativity and a source of inspiration, becoming an integral part of the most striking and innovative projects worldwide. I am proud that we inspire professionals and help them create unparalleled interiors.
Over the past 10 years, we have been actively engaged in exports and winning tenders in foreign markets. We had an extensive export line and close partnerships around the world: in Australia, New Zealand, North and South America, Europe, and the United Kingdom. However, due to current events, we decided to reconsider our geographical presence. As a result, the company's development focus shifted to the markets of the Middle East and Asian countries. We chose to launch our new direction in the UAE, a country with a stable and secure economic background.
What motivates me most are ambitious, unconventional tasks and the realisation that my company makes a significant contribution to the development of the design industry on a global scale. The FINEX brand is already widely known in Russia and the West — we have a strong leadership position as a premium parquet manufacturer. In Dubai, however, we started from scratch. Bringing a product to a new market is always challenging: we were not afraid to accept the challenge and succeeded — our flooring is beginning to conquer the East.
Dubai offers a favourable business environment for entrepreneurs. It is a centre of business activity with modern infrastructure, a high level of service, access to advanced technologies, and a relatively low tax burden. Its strategic location provides access to the countries of the Middle East, Asia, Africa, Europe, and India. Considering the active growth of construction projects in these countries, we are confident that this is an extremely promising market for us.
My company has always developed using its own resources — we have never attracted external financing. At the initial stage in 2001, the main asset was my family's extensive expertise in working with forests and subsequently with production and woodworking. The opening of the boutique in Dubai at Art of Living Mall is also an entirely independent project of FINEX, without the involvement of third-party investments.
The interior of the FINEX boutique in the UAE was designed with the mentality and preferences of Middle Eastern residents in mind. We presented samples of flooring on special display stands, emphasising the elegance and artistic value of each piece. The unique FINEX products became a special highlight of the space — the internationally awarded wooden tiles, wide-format boards, modular parquet with inlays of brass, marble, resin, and other details.
Speaking of the difficulties of doing business in Dubai, for us, it was the fact that UAE residents are accustomed to tiles. The target audience has a stereotype that wood is susceptible to high temperatures and humidity. We take this feature into account and explain that our company's patented developments allow for the successful use of wooden flooring even in extreme climatic conditions.
To stand out in the Middle Eastern market, we have developed a unique solution based on a personal approach — FINEX exclusively reproduces the original pattern of a wooden artistic floor covering created by the customer and their designer or architect. Upon manufacturing the original product, the company issues a certificate confirming that this pattern will never be produced again. Thus, our client receives the only specimen of flooring in the world, created by themselves.
Currently, the company is in the stage of active development in the local market: in addition to the boutique in Dubai, we are opening a representative office in Kuwait. We will soon launch a business in Saudi Arabia. We regularly participate in landmark events — BIG 5, GCC Forum, Dubai Wood Show, and Russian Dubai Forum. This year, FINEX became a participant in the Made in Russia project, created with the support of the Russian Export Centre. The programme was developed as part of solving the tasks of the national project "International Cooperation and Export". The voluntary "Made in Russia" certificate that we received is not only a way to once again confirm the quality of the product but also assistance in promoting our company in priority markets. The company's innovative products, confirmed by patents and the "Made in Russia" certificate, strengthen our position in the export market.
Running your own business is a matter of development: you need to constantly be energised, think, look for interesting moves and ideas, study new methods and technologies, invest in professional growth, attend seminars and conferences, and communicate with specialists in your field. The road leading to success is constantly updated, so I am always looking for new solutions and opportunities and never stop at what has been achieved.
Before launching a business, study the market and the preferences of the target audience, look at competitors and understand how you can stand out. The Arab market is specific: as you know, they love the best here. Formulate your unique offer, strengthen your business with a strong team that believes in the product. And be sure to work on your network: business contacts are of great importance in Dubai.
As an entrepreneur, I define success as achieving set goals. I wanted to create a company that would become a leader and change the market. Now, assessing the volumes of our production, product portfolio, number of partners, and portfolio of landmark projects around the world, I can say that this goal has been achieved.
