The Middle East is widely known for its rapid growth, distinctive business, culture, avant-garde architecture, upscale shopping, and vibrant nightlife. Not to mention it’s a safe and dynamic destination for visitors, investors and entrepreneurs.
In the last decade, the Middle East has created a conducive regulatory environment for various financial products through private and public sector efforts. Before opting for Middle East investing, there are a couple of things you need to know. Read on to uncover more!
Know the Culture
Considering Gulf-based companies are multi-tiered and notoriously tough to penetrate, you need to learn how to navigate the local business culture which is centered on interpersonal interactions, consensus and unit cohesion, whether familial, company, or extended family.
What you should keep in mind is that decisions serve the community’s collective interest, not just the individual’s. And while channeling from top to bottom, you should always remember that consultations intensify at the top level and diminish at the level.
Know the Laws
The new strategies being leveraged have led to regulatory reforms that make it even more business-friendly by offering investors long-term visas and residency. Actually, the amended Commercial Companies Law in Dubai aims to boost the country’s competitive edge, and is a part of UAE governments efforts to facilitate doing business.
Another remarkable regulatory reform in Dubai is the suspension of having to work with a local managing partner to operate a business. Foreigners no longer needed to have an Emirati shareholder or agent when establishing a company in the United Arab Emirates, which is a very favorable modification.
Localize Your Offering
When trying to adapt your offering to the Middle East, you should always acknowledge and navigate the differences between your own culture and your target’s. Aside from these fundamental considerations, you should take it upon yourself to identify and incorporate trends that make your content more relatable, engaging and relevant to their sociocultural background.
Middle East investing is something you can never skimp on at any given time when you want to safeguard your financial future without the hassle.