STARTUPS
DOING BUSINESS
46 | BIZPRENEUR MIDDLE EAST March 2021
IN DUBAI
Given her incontestable features- which include luxurious tourism, top-notch hospitality and real estate, Dubai takes pride in being the Paris of the Middle East and North Africa.
Economically, the city has, over the years, attracted businesses and keeps attracting the best talents from all walks of life. The ongoing pandemic has shown Dubai’s resourcefulness and determination to rise above all odds, especially in tackling the disease that has brought the developed global economy to its knees.
The foregoing has been consistently displayed by the government of the city through the incentivization of businesses for post-pandemic survival, thus making up the perks of excellent business practice offered by Dubai as a city and the United Arab Emirates as a country.
That said, should you decide to pursue entrepreneurial/business opportunities in Dubai or anywhere in the GCC region, it is important to note these three factors in the development of long- and short-term strategy:
1.
Dubai and GCC represent a concentration of Arabs who are predominantly Muslim and adherents of Sharia law. Furthermore, I can attest to the beauty of the Arab culture which, sadly, is misrepresented by those who lack its understanding. Nevertheless, it does not take away the fact that this region is a business hub with an appetite for continuous growth for individual businesses as well as for the entire hub, a feat that is not limited by the misunderstanding and misrepresentation of religion and its beautiful people.
Fast forward to today, the UAE's fact sheet shows that there are 200 nationalities living and working in the country. Although the diversity of its population is a strength, it could be a pothole for entrepreneurs who ignore the need for population or demography research. Any business with the desire to optimize its potential in this region must identify the demography for which it is mandated to provide value.
Target market in the region, requires a critical type of population breakdown or demography research, one that provides insights into the denomination of demography in relation to factors that impact their customer behavior and mannerism.
While cultural diversity cannot be over-emphasised, it should not make you ignore its demographic similarities. Both aspects have some perks which can/should be taken advantage of in the development of business strategy. Therefore, know what unites Dubai’s diversified populace with regards to what differentiates them. This holds the key to any startup’s success in the region.
BY TOSIN EKUNDAYO