The Middle East is one of the most sought-after regions in the world from a business perspective, with its burgeoning young population and increasing consumer spending power. Unfortunately, doing business in the Middle East can be intimidating because the laws, culture, languages, and customs are different from what you’re used to at home. This guide will help you do business in the Middle East more effectively.
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Middle Eastern countries have been growing rapidly in the last decade with the rise of numerous business startups and foreign investments, particularly in banking and real estate. As such, more and more businesses are choosing to set up their presence in Middle Eastern countries due to the country’s strong economy, low operating costs, and potential high profit returns on capital investment. But before you jump into creating an industry in Middle Eastern countries, there are several things you need to know about the logistics and best practices of this rapidly changing region.
Attractiveness to Foreign Companies
The rapid industrialization of Middle Eastern countries like UAE and Qatar has made it one of most attractive places for foreign companies to conduct business. They can avail land at subsidized rates, tax exemption on profits and more importantly they will enjoy a friendly business environment with security and transparency. The governments are also working towards creating a skilled workforce who can take on leadership roles to make foreign companies feel at home. So if you have any plan to expand your business into Middle East then now is the right time to do so.
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Government & Individual Incentives
The Government, as well as individual entrepreneurs, are looking to make all of their money work for them. One way to do that is by attracting foreign companies to invest in their country and create jobs for their citizens. This leads to more tax revenue and more disposable income for everyone involved.
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Region Overview
Arab region includes twenty-two sovereign states: Algeria, Bahrain, Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania…etc. Saudi Arabia is a key country for investment and business strategy of any international company or corporation. Companies/corporations that deal with Saudi Arabia are expected to conduct their business activities in accordance with local norms and regulations. Accordingly, these companies are advised to engage experts who could assist them to understand and work within Saudi’s legal framework.
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Consumer Awareness and Market Trends
In 2005, 74.2% of households had refrigerators. This increased to 79.5% by 2010. Furthermore, by 2010 there were 182 mobile phones per 100 people in Saudi Arabia and Qatar and 135 phones per 100 people in Kuwait. The percentage of households with a television increased from 80% to 92%.
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NPCS can prepare project reports on any business idea you have. The project report includes all part of the business, from market analysis to confirming the availability of numerous necessities such as equipment and machinery, raw materials, and financial projections. Engineers, project consultants, and industrial consultancy businesses from all over the world have profited from the NPCS project report. NPCS also publishes technological, technical, reference, self-employment and startup publications, a directory, company and industry database, and much more, all of which may be found on the official website.
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