Expanding your business is a great thing. Especially if you are expanding it in a different country from where your business is currently. This opens up plenty of other opportunities for you and it can make your business grow faster. Even though the business expansion isn’t easy, it is very possible. And if you were planning on expanding your business in the Middle East, we can tell you right away that this is a great idea. Working with Middle Eastern countries is great and it is going to bring a lot of benefits for you and your business. But where exactly to start doing business in the Middle East? That is what we are here to tell you more about. Here is where you can read about the top five Middle Eastern countries for doing business. Working in these countries with these people won’t be a decision you regret making because people in the Middle East take business very seriously.
1. United Arab Emirates
The United Arab Emirates is one of the richest countries in the world. This is because this country’s location is amazing. The most popular city in the UAE is Dubai and we have all heard plenty of things about it. And Dubai is exactly where you should expand your business in. Dubai has an actively-diversifying economy as well as excellent trade relations and prestige. The largest sources of revenue in Dubai currently are real estate and construction. Dubai is a city that is just beginning to expand. New buildings are being built every year because a lot of people want to live and work in Dubai. Other sources are various financial services and information technologies. Dubai is known for its architecture but it benefits heavily from extensive telecommunications and widespread connectivity.
One of the things to have in mind is that starting a business in Dubai isn’t a good idea. Foreigners cannot legally own more than 49% of a business. The 51% has to be owned by an Emirati partner. And 51% is the least, which means that you will most likely end up owning much less than 49%. But expanding a business is definitely possible and doing business with Dubai is a great idea. If you are planning on simply doing some trades, you must have in mind that Dubai is tax-free. But Dubai does not hold a free trade agreement with the US. This is why tariffs can still be raised when you are engaging in trade between the US and the UAE.
Kuwait is another one of the countries for doing business in the Middle East. Its capital is Kuwait City and this is exactly the place where you will most likely be doing business if you decide to do so. Kuwait City is also modern and new but it isn’t as big as Dubai, of course. You can move here with Easy Move KW. But people here still do take doing business very seriously. Mostly young people live and work here. And they are all fond of foreign products, western brands, and high technology. And if you decide to expand your business here, it is most likely going to be a success. That is if you decide to follow all the rules that the country of Kuwait proposes. Kuwait is great for doing business because it has one of the most stable banking markets in the Middle East.
A fun fact about Kuwait is that a lot of leading businesses in the world chose Kuwait as their home in certain sectors. Sectors such as telecom, retail, logistics, financial services, aviation designing, animation, art, etc. This is because of the strong business capacity and commercial mindset of Kuwaiti businessmen. They take doing business very seriously. Remember that moving in Kuwait is really simple and living there is amazing.
The third on our list of Middle Eastern countries for doing business is Qatar. Qatar is a country on a peninsula and its capital is Doha. This is another very beautiful and modern city with plenty of businesses and residents. Doha mostly does business with Asian countries but that doesn’t mean it won’t do business with Western countries.
The country mostly has money because of petroleum and natural gas production since 1940. Before that, the primary revenue source for Qatar was pearl hunting. As the FIFA world cup will be held in Doha in 2022., the real estate and construction business are on the rise. If your business happens to be in relation with real estate or construction, Doha is a great place to expand your small business to.
Egypt is a very popular touristic destination. People from all over the world visit Egypt to meet one of the world’s oldest cultures. And expanding your business to a place where tourism plays a big part in the economy is always a great idea. Cairo’s Qualifying Industrial Zone or the QIZ is a tax-free industrial park that allows businesses in Cairo to benefit from the US and Israel’s free trade agreement. And the best part about this is that almost all items that are produced in the QIZ can reach US markets. What makes it even better is that they are without imposed tariffs upon them and without quotas attached to them.
5. Saudi Arabia
Last but certainly not least is the amazing country of Saudi Arabia. It is one of the world’s richest nations. Riyadh is the most prosperous city in Saudi Arabia as it is the capital. This countries economy is mostly based on oil production and it has the largest oil reserves in the world. Riyadh also went through a construction boom and now the heavy industries in the nation are on the rise.48