The United Arab Emirates is a cosmopolitan and well-educated society that is familiar with the world’s methods and ways of doing business. However, there are a few issues that any new person in the Arabian business environment should have in mind. In the region, more than anywhere else in the world, business is conducted on the basis of mutual trust and personal relationships. Therefore, it is essential for any person who wishes to conduct business in the UAE to develop such attributes. Additionally, courtesy and good manners are attributes held in high regard. In as much as one is expected to arrive on time for meetings, punctuality is not viewed as an extremely critical virtue; thus, one can be kept waiting.
The United Arab Emirates has a free and vibrant economy. This is made possible by the massive revenues it acquires from oil and gas exports. However, there are successful efforts to diversify from the region’s dependence on hydrocarbons. These efforts have led to the creation of a solid industrial base, and an extremely strong services sector. The rapid improvement and development of the hotel and tourism industry and the establishment of free zones are perfect examples of this diversification policy.
The UAE is politically stable. Since its creation in 1971, the United Arab Emirates has enjoyed a desirable degree of political stability. This has facilitated the implementation of sound economic policies as well as the reinforcing of the region’s social structure. Politically stability in the region is the reason behind the creation of secure, prosperous, safe, and tolerant societies in the world such as Abu Dhabi and Dubai. This implies that there are several investors in the region that are willing to pump their resources in any viable business opportunity.
The United Arab Emirates is also strategically placed between Europe, Asia, and Africa. This is advantageous to investors since the region is in proximity to some of the fastest-growing economies in the world, for instance, Asia. These economies provide investors with trading opportunities and avenues they can use to develop and grow their businesses.
In conclusion, UAE is a business hub with several opportunities that are yet to be explored. Therefore, anybody with intentions of investing in the UAE should go ahead without second thoughts.