If you came across this article then you’re either a very curious human being or you’re thinking about setting up a business in Dubai. In both cases, I have things that I want to share with you. Regardless of being a foreigner or a local, Dubai has prepared some surprises for you and in business world, you need to know what the surprise is beforehand. Enough with the sidetalk, let’s get into things that you should be well aware of to start a business in Dubai.
Be ready to face harsh competition
Yes, Dubai has a lot to offer to potential investors and that’s the most appealing part. If you think that you are the only one who knows about Dubai then you’re greatly mistaken. Dozens of businessmen run toward Dubai every single day. This never ending flow of businessmen leads to fierce competition. Well, at least now you have an advantage, you know about them and can study their companies and find their weaknesses to build your strengths on.
Consider cultural values
Similar to any other country, you need to consider the cultural values of Dubai. Arabs are quite conservative when it comes to their culture and if your business contradicts their ideas and values then you’ll face challenges. National holidays matter a lot to, especially in Dubai. For instance, during Ramadan most of the population travels a lot. Therefore, you need to think of ways to fill the gap.
If you are a firm believer of your values and principles, then good for you but Dubai may ask you to forget about them sometimes. Dubai is a mixture of cultures and nationalities, and during your endeavors, you will have to set your principals aside and compromise. Otherwise, you will lose both customers and partners. Nothing personal, only business.
You are going to spend a lot of money
Dubai does offer high returns but it does not mean your initial spendings are going to be low. For one thing, the government requires you to invest between $10,000 to $50,000. The living costs in Dubai are not cheap either, let alone the getting a visa, which costs $2000 and maintaining is for $5000. The total of your costs will make up a significant price, so make sure your business pays off.
To expand your business, you need to travel
To take any business to the next level, executives try to go global. If you are a Dubai based business then you’ll have to physically visit various countries, in order to promote your product. Especially in tech industry, UAE is kind of a rookie, so for a bigger audience, you need to travel and present your business.