By Emma Dylan
Over the recent decades, the economic structures of many Middle Eastern countries have shifted dramatically. Previously, the businesses in Middle Eastern markets mostly accumulated their economy from oils and petroleum but now they have moved their spotlight away from a hydrocarbon-based paradigm to tech innovation since it is rising as a major financial transformation target.
Since the territory of the Middle East is experiencing a transition including a massive youth population and its move towards urbanization for business, they will see a very significant number of people migrate to major countries for business like Kuwait, Qatar and UAE in the predicted future.
- Kuwait
Kuwait seems to have the second world’s highest GDP in the Mideast. It aimed to raise its oil output capacity to 4 million barrels a day by coming years by extending its business ties. For this core purpose, Kuwait has invested around $25 billion each year on its infrastructure and its construction recently. In fact some of the world’s most prominent companies have chosen Kuwait as their base in industries such as telecommunications, retail, logistics, financial institutions, aviation design, illustration, sculpture, etc. This preference shows us Kuwaiti’s high market potential and market mentality when setting up business. They are friendly to their shareholders such as KGL Investment executives
-
Doha, Qatar
After Kuwait, Qatar has the third largest GDP per capita in the whole world (all same but due to the oil). Qatar’s most business partners are from the continent of Asia, making Doha a hub for the target Asian business markets. Initially, Qatar had its economic basis in the oil and petroleum solely and later they switched to the pearl industry but it did not work out as well as they expected. Now, the country is trying to break free from their reliance on the oil and expanding to other economic growth sectors like property dealings and constructions. So if you are interested in this relevant market, you must avail the opportunity and sow the seeds. The process might be a little challenging but it is worth it all if you have patience to endure.
-
Abu Dhabi, United Arab Emirates
While considering the given two choices, Abu Dhabi is also a very good option. As the UAE capital, Abu Dhabi is the headquarters of the Emirates administration and host to the UAE president, Khalifa bin Zayed Al Nahyan. The gulf state collectively is among the world’s highest per capita GDPs, as well as the wealthiest in UAE and therefore an economically important city. As the majority of the UAE, Abu Dhabi developed its riches out of its oil revenues, which reportedly contribute for maybe 60 percent of its GDP (calculated at about USD 165.9bn). Abu Dhabi is beginning to experience a significant change from an oil and gas market and is expanding itself by relying more on tourist trade and real estate ventures. Apparently there are over one trillion dollars invested internationally in the region, rendering it a location for businessmen from around the world searching for new opportunities and investors. Abu Dhabi is a gst and commission-free city, leaving more room for widespread export, particularly because the Emirate of Abu Dhabi returns to its holders all the gains from a global investment without keeping any of the income making it perfect for the interests of businessmen.
