The United Arab Emirates (UAE) is a country found in the Persian Gulf bordering Oman, Qatar and Saudi Arabia, Although English is widely spoken in this country their official language is Arabici The country is dependent on exporting natural gas, crude oil and also tourist who are a common sight in Dubai due to its many tourist attraction sites. Their main imports are food, machinery, precious metals like gold and vehicles. The main currency used in UAE is the dirham commonly referred to as Emirati dirham abbreviated AED.
Education wise UAE offers a wide range of curricula e.g. American, British, French, The country also has some sought-after universities in the world (Banhalm, 16) Although UAE is a great county to do business there are a few risks that people doing business here face, One of them is that geographically it’s near countries with unstable governments and so it constantly faces the threat of violence and civil wars from neighbouring countries like Iraq.
The rise of terrorist groups in the Middle East has led to the rise of refuges migrating to the UAE which results in oil prices reduction leading to tougher policies for firms wishing to do business there These terrorist groups and civil wars create Political tensions in UAE which is never a good thing for the economy of the country and also for businesses In UAE hierarchy is a factor to consider when doing business as people are arranged in a hierarchical order in firms and organisations. The society values collectiveness in doing things which is why in this country people value extended families as opposed to nuclear families The members of the extended family are responsible for each other and an offence by one leads to shame and loss of face.
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The UAE maintains rigid beliefs and behaviours from time in memorial, there are social rules in this country that has been there and helps the society deal with their uncertainty of the future. In matters concerning traditions and cultural norms, the UAE observes theirs and are reluctant to change. Officially weekend in UAE begins from Friday to Saturday this is because the highest population are Muslim and Friday is the day of worship for Muslims, During the holy month of Ramadan working hours are further shortened by 2 or 3 hours so as to create Lime for prayers, The country values good manners and courtesy, the senior most people in an office is greeted first in a meeting. According to their culture, they are generous people and offer visitors refreshments and is considered as rude if the visitor refuses the refreshments The men should dress in suits while the ladies do not have to dress in a hijab but should ensure that their clothes cover their arms and legs. Most business meetings are held in an informal setting like over lunch or dinner and punctuality is never a factor in the meetings, therefore, one needs to be patient when doing business in the UAE((Banhalm, 16).
Due to its culture, beliefs and traditions, the following are a few things that impact business relationships in the UAE and people doing business there should observe. It is prohibited to eat, drink or smoke in public especially during the holy month of Ramadan from sunrise to sunset The country values modesty and indecent dressing is highly prohibited as it is deemed offensive to their religion. Also during Ramadan playing loud music is considered disrespectful to their religion as this month is dedicated to fasting and praying In conclusion, The United Arab Emirates is a splendid country full of many business opportunities. A country whose beliefs, traditions and behaviours have not been eroded by modernisation
The Risks of Doing Business in UAE. (2022, Oct 20). Retrieved from https://paperap.com/the-risks-of-doing-business-in-uae/
