Arabia presents itself as one of the most lucrative and conducive business environments in the world today. However, a significant majority of international entrepreneurs and even seasoned businessmen are most likely to have experienced a rather rough terrain when dealing with the people, procedures and specifically business relationships in Arabia.
Business in Arabia is very different from starting and operating a successful venture in any other part of the world. A few aspects, often perceived as rather secondary, and hence most often overlooked, might account for the failure of an otherwise highly profitable business deal.
Cultural and Religious Practices are an Integral Part of Business Dealings in Arabia
One of the most important prerequisites of pursuing a successful business relationship, right from inception to closure, is to respect the religious and cultural practices prevalent in business dynamics and communications in all countries of the Arab world. Basic familiarity with the beliefs and practices of Islam, which presents itself as the majority religion in the Arab world, is the key to sustaining successful Arabian business relationships. An understanding of the religious scripture, colloquial usage of religious phrases and an understanding of Islamic practices that precipitate business discourses in Arabia could create a competitive advantage for a prudent businessman.
Arabic Exists as a Primary Means of Communication in Several Different Flavors
An understanding of Arabic is equally essential in order to successfully broaden ones domain in terms of teaming up with the best business partners and exploring mutually beneficial business opportunities. Arabic being the national language of most countries in the Arab world exists in several different flavors with distinct local dialects dominating different regions of the Arabian Peninsula. Although Arabic has a common grammar structure and usage in written form, influences of local dialects create entirely different versions of colloquial Arabic. Attaining a stronghold on spoken Arabic in the local dialect of the targeted region, could prove significant in establishing successful trust relationships in future.
Government Regulations Create Lasting Impacts on Business Setup and Functioning in Arabia
Further, recent government regulations have created several windows for pursuing business opportunities in Arabia, which might not have been viable otherwise. The government in several countries of the Arab World has re-iterated its official guidelines to create the possibility of a successful business startup. The regulatory environment that dictates the nature of doing business has been conditioned in order to maximize foreign investment in future.
Considering the tax-free nature of the Arab world, starting or expanding a business in Arabia might sound more practical than ever in the coming years. Therefore, an agenda for calibrating a successful business approach must include not just research about the regulatory environment, but also about the language and culture of Arabia.