The U.A.E. offers opportunities for U.K. companies with innovative and cutting-edge products and services. U.A.E. government aiming to improve and promote local products globally, the strategy will provide “an attractive business environment for local and international investors to boost productivity.”The U.A.E., along with Saudi Arabia, Egypt, and Bahrain, severed diplomatic, economic, and commercial ties with Qatar in June 2017. It would be good to find a suitable local partner or approach other well-established Australian companies operating in the Middle East and expanding their Australian businesses. While this may be annoying for ex-pats from Europe or North American business environment, being patient (and understanding that most ex-pats are expected to be punctual) will help.
Over 5,000 British companies operate in the U.A.E., including BP, Shell, Rolls Royce, B.A.E. Systems, Mott McDonald, SERCO, Standard Chartered, HSBC, and John Lewis / Waitrose. Seven hundred seventy-nine commercial agencies and 4,762 British brands have invested in the U.A.E. The majority of the U.A.E. population comprises expatriates, with around 120,000 UK residents. It covers banking, capital markets, asset management, fund registration, Islamic finance, and professional services. Clients in the U.A.E. may now automate cross-currency payments into important trade corridors, enabling end-to-end visibility and full automation. “Our U.A.E. trade company is now over 80% automation in trade, up from around 54% a year ago,” says Khan. “I’m delighted to claim it’s our most automated market in commerce. Business competition is severe from emerging Asian economies and established European and North American companies.
The U.A.E. has a well-established infrastructure, a stable political system, and one of the most liberal trade regimes in the Gulf region. The U.A.E. market is attractive because of its geographical location (Dubai is a regional hub and commercial capital for the Middle East, North Africa, and beyond), colossal expatriate population, open trading policy, and administrative services. In the U.A.E., attitudes towards business cards are pretty relaxed. With a Western ex-pat or a local Emirati, you must respect and comprehend the Islamic religion, permeating all parts of society, including business life. If you are new to the country, start attending some of these to grow your business network. Every company operating in the country must obtain a company licence, which is linked to the entity’s registered activity. Misinterpreting culture can harm business relations with crucial connections abroad and jeopardize business success.