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Business Profile |
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Dubai
Economy
Dubai's economy took a major hit following the events of September
11th 2001 but according to key economic indicators the worst appears
to be over. Dubai enjoys one of the highest per capita incomes
in the world and the wealth of this Emirate is on display everywhere
you look. The official unemployment rate stands at zero.
Dubai’s wealth was been built on oil, but
the emirate has invested its resources in the last decade diversifying
into a wide scope of industries and various economic sectors. The
Emirates’s principal exports are crude oil, natural gas, re-exports,
dried fish and dates. Crude oil plays a surprisingly minor part
in the emirate’s economic portfolio, with about 10% of
the economy oil based – a number that is set to fall still
further. Other areas that have been decreasing in economic importance
are traditional smaller scale industries, such as boat building,
fishing, pearling and handicrafts which only represent a fraction
of economic activity. The principal emerging industries today
are international trade, manufacturing, finance and other service
related industries. Dubai has succeeded in attracting foreign
investment and multi-national companies with bold initiatives such
as the offshore Jebel Ali Free Zone. Dubai has
also invested heavily on the tourist sector over the last decade.
Visitors particularly from Europe are on the rise, with 3.5 million
total tourists in 2000 and over 300,000 from the United Kingdom.
The World Trade Centre, on Sheikh Zayed Road is considered
Dubai's main business district. The Emirates Towers, completed in
June 2000, as the highest buildings in the Middle East, quickly
became the new business hub of Dubai. Many businesses are also located
in the new Dubai Convention Centre. Other new developments
in the past few years include a renovated Port Rashid container
port, the marina in Jumeirah, the coastal
Jebel Ali area and the new bridge over Dubai Creek.
A host of international companies based in Dubai include Heinz,
Sony, AT&T, Shell, General Motors and IBM. The only provider
of Internet services within Dubai is Etisalat, which exercises
heavy control monitoring all sites through their servers. Most all
five star hotels provide Internet access. Internet cafes are a growing
business and widely available including the Internet Café,
Dune Centre, Al-Satwa (tel: (04) 345 3390).
The Dubai
Chamber of Commerce. Telephone: (04) 228 0000; their web site:
www.dcci.org can
be helpful for foreign business people.
Business
Etiquette Do's and Don'ts
It is un polite and unprofessional to break certain customs and
conventions when doing business in Dubai:
 Despite
the heat smart conservative clothing is expected.
In
Dubai expect business meetings to start late, as is not frowned
upon it should not be commented on.
Handshakes involve touching the heart with the palm of the right
hand after each shake, please note that visitors that when greeting
Arab women they should not offer their hand unless the woman extends
hers first.
To
ensure politeness the terms ‘Sayed’ (Mr) or ‘Sayeda’
(Mrs), followed by the first name should be used in greetings.
When
sitting make sure your feet are never pointing directly at someone
else.
Losing
face, whether a client or colleague, is extremely offensive and
criticisms or corrections should be kept for private discussions
afterwards.
Meetings
usually begin with plenty of preliminary chatting before moving
onto the serious work, so it is key not to rush in.
It
is easy to be caught off guard, as the pace of business meetings
tends to quicken rapidly and deals are made in a fraction of the
time it can take in Western Europe. It is usual for meetings to
take place in cafes or restaurants.
Lunch
meetings usually take precedence over evening meetings and although
meals may be served do not order alcoholic drinks as this will lead
to embarrassment and insult.
Friday
is the day of prayer and rest. Meetings should not be scheduled
for this day. Telephone calls to Arab people should also be avoided
on Fridays. Local people won’t answer the telephone during
the afternoon siestas usually taken between 14:00 and 17:00.
Business
hours are normally Saturday to Wednesday 08:00 to 13:00 and 16:00
to 19:00. Businesses operated by Westerners may open Sunday thru
Thursday 08:00 to 17:00.
Dubai
Conventions and Conferences
The Dubai International Congress Centre accommodates 10,000
delegates. The cruise terminal at Port Rashid has
a number of facilities including a business centre with Internet
access and a conference room. The Dubai World Trade Centre
plays host to a multitude of events (from car rallies to tennis
exhibitions). Most five star hotels offer high-standard conference
and meeting facilities. |
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