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The Arab world offers a great potential to increase sales in areas where the European companies are successful such as banking software, telecoms, IT sector, process control, automation, and construction services. The Arabs are faced with many challenges in the world of business due to their endless conflict with the rest of the world. The daily reports of conflicts, stalled hopes, blind alleys, and uncertain futures of the middle east may be the view of global village media and political leaders.
However, from experience, it is clear that the youthful majority of Arab citizens are far more preoccupied with prospects for work than politics or terror. Her Majesty Queen Rania Al-Abdullah of Jordan asserted that while youths make up to 70 percent of our people, they make up 100 percent of our future'(http://www.seeingthepossibilities.com/?p=71)
Arabs have since times in memorial been involved in business activities. They engage in different business practices as long as the business is termed as halal or legal by Islamic law or sharia.
The booming business in Arabic countries is the oil trade which they sell within and across the international boundaries especially the united states which is the largest oil consumer state in the world. The Arabs are also engaged in the jewelry business which is very successful. The Arabs consider jewelry especially gold, as an investment as well as its aesthetic value. For example, the pan-Arab gold jewelry design contest held in Dubai in 2006 was the most successful in its history.
The Arabs also have a great share in the construction company and some of the largest construction companies in the world are owned by Arabs. They do business using advanced technology to keep in touch with the rest of the world for example Dubai which is the largest business center owned by Arabs.
The Arabs have extensive transport companies all over the world which range from land, water, and air transport.
Electronics are also part of Arab business as well as clothing. In an Arabic business center, big shopping malls are prominent features for example in Eastleigh, Nairobi-Kenya where there are series of big shopping malls owned by Arabs.
Finance and banking
Arabs get their financing for business from their family saving or inheritance from their parents. The Muslims believe in giving out before receiving. Family businesses are common with the Arabs. On banking matters, the Arabs do not accept the interest accrued from their savings and they term it as haram or illegal according to the Muslims’ law. For this reason, the Muslims have a special banking system that does not give interest but just as a safe custodian of their money.
The Arabs have a great future in the business world and any investment in the Arab countries is a worthy one since most of them are developing countries, considering that they lie in an agricultural unproductive region of the desert.
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Arab Traders. 2007. Web.