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Business Business Profile The events of 11 September 2001 and the aftermath placed a major strain on Dubai’s economy, although the worst appears to be over and key economic indicators – such as the level of cargo passing through the emirate – are back above pre-11 September levels. Barring another conflict in Iraq, Dubai’s economy now appears set to buck the global trend, with encouraging growth levels. The wealth that is ostentatiously on display in the emirate is indicative of one of the highest per capita incomes in the world. Unemployment is still at an official rate of zero. While Dubai’s wealth may have been built on oil, the emirate has spent the last decade or so diversifying into an ever-increasing number of industries and various economic sectors. The city’s main exports are crude oil, natural gas, re-exports, dried fish and dates. Oil itself plays a surprisingly small part in the emirate’s economic picture, with only 10% of the economy oil based – a percentage that looks set to fall still further. Other sectors that are decreasing in economic importance are traditional small-scale industries, such as fishing, boat building, handicrafts and pearling, which now only make up a fraction of economic activity. Today, the main emerging industries are international trade, manufacturing, finance and other service-based industries. Dubai has been very successful in bringing in both foreign investment and international companies in recent years, with initiatives – such as the setting up of the ‘offshore’ Jebel Ali Free Zone in 1985 – reaping major rewards. Increasingly, Dubai has also focused on tourism, with visitor numbers rising markedly over the last decade, particularly in terms of those arriving from Western Europe, with 3.5 million total tourist visitors in 2000 –over 300,000 from the UK alone. The main business district in Dubai is around the World Trade Centre, on Sheikh Zayed Road. The Emirates Towers, which opened in June 2000, as the tallest buildings in the Middle East, are fast becoming the new business hub of the city. The focus of some business looks set to head to the new Dubai Convention Centre, scheduled for completion in time for the IMF and World Bank Conference, in 2003. Other major planned infrastructure developments include a revamped Port Rashid container port, a massive marina in Jumeirah, rejuvenation of the coastal Jebel Ali area and a new bridge over Dubai Creek. Multinational companies and international organisations based in Dubai include Sony, Heinz, AT&T, Shell, IBM and General Motors. Etisalat is the only provider of Internet services within Dubai, exercising heavy control, with all sites accessed and monitored through the company’s proxy server. Most five-star hotels offer guests Internet access, which is also available at a growing number of Internet cafes, including the Internet Café, Dune Centre, Al-Satwa (tel: (04) 345 3390). The Dubai Chamber of Commerce (tel: (04) 228 0000; website: www.dcci.org) is often helpful for foreign businesspeople. Business Etiquette It is a major faux pas to break certain conventions when doing business in Dubai. Smart conservative clothing is expected, despite the often soaring heat. Meetings may start late, since this is not frowned upon in Dubai and it should not be commented on. The Arabic handshake involves touching the heart with the palm of the right hand after each shake, although visitors should note that when greeting Arab women they should not offer their hand unless the woman extends hers first. The terms ‘Sayed’ (Mr) or ‘Sayeda’ (Mrs), followed by the first name, should be used in greeting to ensure politeness. It is also very important for visitors never to sit in such a way that their feet are pointing directly at someone else. Causing someone else to lose face, whether a client or colleague, is considered extremely offensive and any criticism or corrections should be kept for private discussions afterwards. Meetings tend to start with plenty of preliminary chatting before moving onto the serious work, so it is essential for visitors not to rush in. Business meetings in Dubai are often seemingly casual affairs, in cafés or restaurants, although it is easy to be caught off guard, as the pace tends to quicken rapidly and deals are struck in a fraction of the time it can take in Western Europe. Friday is considered a day of prayer and rest, so meetings should not be scheduled for this day. Calls to Arab people should also be avoided on this day. Similarly, local people won’t answer the telephone during siestas, which are usually taken between 1400 and 1700. Business hours are Saturday to Wednesday 0800-1300 and 1600-1900. Businesses run by Western staff may open Sunday to Thursday 0800-1700. Business socialising in Dubai can be quite formal. Lunch meetings are more common than evening meetings and visitors should not that sometimes business meals will be served at venues that do not serve alcohol. Asking for it may cause embarrassment and even insult. |
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