If you have lived and worked in Dubai as long as I have, you forgive me for being barely sensitive to the fast city speeds. Just a week has passed with no other redesigns or complaints about the next big launch coming to an end.
Despite cautious whispers about the slowdown in growth that seems to occur every few years, Dubai continues to beat expectations, taking its incredible development to the next level. Without any doubt, UAE is a fast-developing country.
What are the Challenges Foreign Expats Face While Starting Business in Dubai, UAE?
While Dubai’s upward trend doesn’t seem to stop, it doesn’t mean that business setup in Dubai is unrivaled. As with any excellent business power, there are traps to avoid and obstacles to overcome. However, when you start a business with open eyes and are aware of the challenges that may lie ahead, there is no reason a dedicated and dedicated entrepreneur shouldn’t see success in this fantastic city.
In this blog, we will look at the main challenges that entrepreneurs face in doing business in Dubai. Suppose you keep your eyes open to all new developments and guidelines and know the obstacles you may face as a foreign investor. In that case, you can develop a strategy to overcome and nurture them as a successful entrepreneur.
• Getting To Know Dubai
In Dubai, everything can go from zero to a hundred in no time. But that doesn’t mean you get off the plane and generate business from day one. Yes, it is possible, but Dubai is a network crash, and most likely, your first job is to speak up. Business culture in Dubai is all about individuals – people want to get to know you personally before starting a business relationship. It is deeply rooted in the city’s culture. It shouldn’t be a scary prospect. Put yourself in the right place, and the connection will come.
Of course, the way you present yourself is significant. The important thing is not to spend all day every day asking someone to buy your idea. It’s better to immerse yourself in the business culture, listen to those already involved in the game, and think about what is worth bringing them with you, not just what they can do for you.
• Managing Money
Here in Dubai, managing your money goes beyond your business. After all, this is a city of money. The standard natural position here is to spend. And why not? UAE is a fantastic place to have fun and relax, and of course, there are lots of excellent ways to spend your money: good food, fast cars, watches, art, fashion and lots of other things you need but don’t you need.
The same is true for your business expenses, of course. Again there is a lot of cash to spend – most recently, a modern and impressive office space.
• People Management
Of course, this doesn’t just apply to Dubai. The way you manage people is critical to your success anywhere in the world. However, several factors are unique to this city. Perhaps most notable is the diversity of most of the workers in the emirate. You will work with people from a wide variety of countries and backgrounds. One of the most critical challenges for newcomers is building their cultural sensitivity and awareness.
• Keeping in check
Dubai is a place where you can quickly sweep. There are real excitement and an almost insane work ethic vibrating around the city, and it takes time for newcomers to gain perspective. While some can get things done relatively quickly, many others understandably find a high-energy approach to almost anything quite daunting.
The most essential point to maintain your sanity as you adjust to life in Dubai is to find a work-life balance as quickly as possible: set reasonable working hours and take time off. Otherwise, you might get burned before you know it.
• Having Organized Workflow
Some say you are an organized person or not. Although I agree that some of us find it easier than others, I believe that organizing, like any skill, can be learned. Yet, for some reason – perhaps because of the speed of movement here – many Dubai-based businesses struggle to stay organized.
It’s not uncommon to find relatively large organizations with workflow management systems unsuitable for this purpose – if there is a formal system at all. On the other hand, you can often find companies whose information breaks into multiple systems that combine CRM, accounting software, project management tools, and Excel spreadsheets as the business grows.
Company formation in UAE face many problems that are not unique to the region, although the local market has special features, meaning no environment is the same. Solutions to all these problems often need to be localized. Even when there is consensus on the basic principles on which progress relies.