As you spin your globe wondering where you should expand your business next, your finger might reflexively glide past the Middle East. But you’re urged to revisit that opportunity. In particular, Dubai and Abu Dhabi – two pockets of relative stability – could be the launching pads that your business needs.
Not only are Middle Eastern markets rapidly growing, but these markets also have young populations and increasingly diverse economies. In fact, according to a recent survey, Dubai has one of the five fastest-growing economies in the world.
One reason is location. The Middle East, after all, is conveniently tucked between Europe, Asia and Africa. Factors such as an expanding middle class and urbanization are spurring consumer spending, and governments are promoting certain areas of the economy. In the UAE, for example, the government is paying special attention to the education, healthcare and transportation sectors.
Rules and laws are also favorable to businesses. In Dubai, for instance, there’s a customs-free corridor between the airport and the port, meaning raw materials can be imported and exported free of charge.
Still, much like any global endeavor, you must consider the cultural nuances and unique characteristics of doing business in the Middle East before you dive in. Here are four tips for success that I learned when my company expanded to the Middle East:
1. Be Careful With Language
There are different languages in the region, so you must take care to note the variations. For example, an Iranian razor company adopted the brand name “Tiz” because it’s the Persian word for “sharp.” However, “tiz” is also an Arabic slang word for “buttocks.” As you might imagine, razor sales took a nosedive.
2. Hire People Who Can Bridge The Culture Gap
Talent identification is critical. Your best employees will be able to operate locally and understand Western business practices. I.e. a UK-based company hiring a native who is fluent in Arabic and English as a managing director; an individual with extensive work experience in the Middle East and received his MBA in the UK or other Western country (experience with the culture).
3. Spend Time In The Region
Relationships are very important in the Middle East, and they take time to develop. Once you spend some time in the region, you’ll be better able to identify important cultural nuances. For example, while speedy decisions are often valued in the United States, the decision-making process takes longer in the Middle East.
4. Keep Track Of Local Customs
Religious holidays are incredibly important and tend to move around each year. The local sheikhs play a critical role in all areas, including business; i.e. a trade show can come to a standstill because the local sheikh has to privately tour the show before it can open.
You also should understand some of Islam’s basic tenets. For example, you’ll often hear the term “Inshallah” – which means “if Allah wills” or “God willing” – used in business settings. At the very least, knowing that might put your intense business negotiations in another context.
Any new market has special challenges. In the Middle East, these include language and culture, but learning how to navigate this market is well worth the effort. With the Middle East’s growth potential and welcoming attitude toward new business, you are sure to find enticing opportunities.
These materials are not intended and should not be used as legal advice or other recommendation. If you need a legal opinion on a specific issue or factual situation, please contact a lawyer. Anyone using these materials should not rely on them as a substitute for legal advice.
Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advice and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.
Consulting CWIIL Group of Companies, for any / all matters relating to investment ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessment of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and un-knowledgeable investment advice can be disastrous and thus should be avoided.
CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.
For Further Queries Feel Free to Contact :
Mr. Mohammad Mukhtar Mustafa,
Deputy Global Director, No. 4,
Strategic Business & Intelligence Division,
Email : email@example.com
Voice : +45.8176.1923
Connect : LinkedIn – Twitter – Facebook – Quora
For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : firstname.lastname@example.org
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook – Quora
Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.
The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.