After decades of reliance on the exports of oil riches, Middle Eastern countries are finally moving to productive economic growth. This strategic transformation is globally seen as a plethora of business opportunities. International Monetary Fund, highlighted that the non-oil growth of Middle Eastern countries surpassed the oil growth by 4.1% as compared to 2016. The geostrategic location and dynamic landscape of Middle Eastern countries (UAE, Qatar, and Saudi Arabia) coupled with economic stability, state-of-the-art infrastructure, facilitation in tax ratio, and start-up friendly ecosystem made the Middle Eastern countries perfect for companies looking for a favorable business environment.
For instance, take the Kingdom of Saudi Arabia’s Vision 2030 project NEOM, the line project alone created 380,000 new jobs and offered business opportunities for regional and international companies. Construction companies in Qatar have already secured projects in the city of NEOM. The Saudi Crown Prince, Muhammad bin Salman (MBS) said that we want to focus on the future and make KSA the world’s biggest goods producer and exporter. We are talking about Western businesses, companies, and trained professionals seeking opportunities in the Middle Eastern states. In this regard, crossing the linguistic barriers for initial communication and then cultural understanding of the Arab-region-specific etiquette is a must. To make this process professional and avoid any misunderstanding, businesses, brands, and companies prefer acquiring certified Arabic translation services.
Hiring Trends of Middle Eastern Countries
These are the hiring trends of Middle Eastern countries. Currently, Saudi Arabia and Qatar are offering the highest percentage of jobs. Moreover, Kuwait, Oman, Jordan, Lebanon, and Egypt are also offering an increased percentage of jobs.
| Middle East | Hiring Trends |
|---|---|
| Saudi Arabia | 65% |
| Qatar | 63% |
| Kuwait | 57% |
| Oman | 56% |
| Jordan | 52% |
| Egypt | 52% |
| Lebanon | 50% |
| Syria | 46% |
| Bahrain | 38% |
Middle Eastern Industries and Division of Job Opportunities
| Industries | Percentage of Jobs |
| Banking/Finance | 35% |
| Business Consultancy | 18% |
| Oil Gas and Petrochemicals | 28% |
| Construction | 32% |
| Consumer Goods | 22% |
| Advertising | 21% |
| Tourism and Hospitality | 20% |
| Electronics | 20% |
| IT | 25% |
Benefits of Doing Business with and In Middle Eastern Countries
In today’s wave of globalization and increased competition of local business opportunities, growing businesses want to multiply their reach and catch new customers. The strategic decision of global expansion requires extensive market analysis. Moreover, the geopolitics and target market’s regional stability are important factors. Middle Eastern countries are offering ample business growth opportunities with facilitation of taxes, tech startups, and increasing job creations.
Additionally, the government of KSA, UAE, Qatar are taking personal interest in the facilitation for new businesses coming from all over the world. In the equation of globalization, there is an important factor of linguistic and cultural barriers. To mitigate this communication barrier it is a must to acquire the services of a professional translation company. This will not only ease the initial communication but also assist you in building business relations based on trust and mutual understanding. Just like any other region, Middle Eastern business communication requires a bit more understanding of the Arabic preferences and Arabic language service providers will be of great assistance.
Below are some key benefits of doing business with and in Middle Eastern countries.
Facilitation in Tax
Contrary to any other developed western economy, a key leverage that UAE, Qatar, and KSA are offering is substantial tax incentives. Recently on 16 February 2024, KSA updated its terms and conditions related to multinational companies (MNCs). These updates are specifically issued for those businesses that have moved their headquarters to KSA. This update is the continuation of the Kingdom’s revolutionary December 2023 program according to which companies who move their regional headquarters in KSA will avail 30 years exemption from withholding tax.
Strategic Location
Due to oil riches and vast business opportunities, the Middle East has been a strategic power ground for international powers. In the last decade, the SAUDI-US relations, regional stability, and the futuristic leadership of KSA, UAE, and Qatar, made them a magnet for economic growth and provided ample business opportunities for growing businesses of the world. Moreover, being on the crossroads of Asia, Europe, and Africa, the Middle Eastern region is the perfect home for international businesses.
Regional Peace and Booming Economy
Middle Eastern countries have a high income and high expenditure population. This is the perfect trajectory for high demand for quality goods and services. Moreover, gone are the days when western nations were the only countries providing peace and stability for economic and tourism related activities. Middle Eastern countries have now surpassed the first world countries in infrastructure, health, and business opportunities.
Takeaways
Middle Eastern economies have reoriented themselves from worse to the best track of economic development. Making them on the front seat of global development and business opportunities. Investors from all over the world are seeking their share in the growth of Middle Eastern countries. Amid this boom of growth, opportunities, expansion, and cooperation, Arabic translation services are in high demand. They facilitate this business growth and enable international businesses to make long lasting relationships with Middle Eastern countries.