It is precisely due to the presence in the UAE of a huge number of objects for investments in various industries and fields of activity that, since 2000, the Emirates has witnessed a powerful increase in foreign direct investment: total FDI since 2000. To date, the UAE has grown approximately 100 times. Now if you wonder how to start a business in Dubai then you can have the best deals available.
Today, more than four hundred companies are already working in the Emirates. Some of them operate on the territory of free economic zones. These are both large companies, such as Lukoil, VTB Capital, Rosneft, Kamaz, etc., as well as small enterprises related to small and medium-sized businesses that carry out tourism activities in the UAE, real estate, hospitality industry restaurants, hotels, trade. The UAE even has freight forwarders, advertising and consulting companies, which makes it easier for new companies to enter the Emirates markets.
The main and already traditional lines of doing business between entrepreneurs from this country and the UAE are trading in precious stones and metals, trading in ferrous and non-ferrous metals, machinery, equipment, transport, chemical products, food, wood, paper and cardboard. These groups of goods from this country are in steady demand in the UAE and the total exports to the Emirates are approximately 1.0-1.3 billion dollars annually. Imports of goods from the UAE to this country are small, however, over the past five to seven years. They have been actively growing and probably can also be considered as an interesting direction for investment.
Dubai is an international business center, and business practice does not differ here from the rest of the world. But each region has its own cultural characteristics that should be taken into account. The main thing for Arab customers is respect.
Although Arabic is the official language in Dubai, English is widely spoken in business. However, business cards, brochures, and presentation materials should be made in English and Arabic. In the development of promotional materials, it is recommended to enlist the cultural advice of Arab specialists.
For business meetings, choose conservative clothing. Despite the heat, men should wear a suit and tie. Women’s business clothing should cover shoulders, arms, and legs. Tight-fitting pants and tops with a low neckline are unacceptable, but skirts and dresses below the knees are perfectly acceptable. When choosing a business wardrobe, you should always be guided by the specific situation and circumstances.
Meetings do not always start exactly at the appointed time, as you might get used to, but you need to come all the same on time treat delays with patience and a sense of humor. Avoid making appointments for prayers. Hospitality is a revered tradition in Dubai, so you will certainly be offered Arabic coffee with dates or chocolate and other snacks. Do not refuse and show gratitude, as well as always treat guests if the meeting takes place in your office. At the beginning of the meeting, it is important to greet the oldest person first, and then move on to the rest by seniority. Once you have established regular business contact, it is important to ask clients about their family and activities. Building human relationships is the key to success.