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5 Top Tips for Trading with The Middle East

By Kimberlie Hutson

Republish: EasyPublish™
Published: 01May2009
Word count: 551
Viewed: 255 time(s)

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The Middle East is growing and developing faster than any other region in the world; it is one of the few areas that have continued to grow while the rest of the world is plunged into a recession. If your business is interested in international trade, the Middle East is the place to be looking.

Before entering into any international trade business venture, extensive research is required into the business market, potential new partners, suppliers and customers as well as the legalities that surround such a venture. One thing that always seems to be over looked (at least until the last minute) is the culture and way of life that you, your business and staff are likely to be submerged in.

Culture: The Middle East can appear very westernised, especially compared to 20 - 30 years ago. This perception shouldn't be taken for granted, some of their customs and beliefs will differ from what the western businessman sees as the norm, without being rude or obvious, you need to be aware of any cultural or religious beliefs which could jeopardise a potential business relationship. Sitting down to a business meal of roast pork and a pint of beer could cause offence or at least show you haven't made any effort to research the area or your potential new partner.

Visas: The complexity of visas will vary depending on which country you're visiting. The majority of the GCC countries don't often require visas although you will need one when visiting Saudi Arabia. Many countries like Qatar, Dubai and Bahrain will allow you to pick up visas on arrival. Some countries like Iran and Libya will require you to arrange visas in advance. Countries like Saudi Arabia and Libya are more sensitive about who they let in and out their country and this can occasionally lead to businesses having difficulty getting visas. By using a trade delegation, you can find it easier to not only grow contacts but successfully apply for visas too.

Holidays: There are many national holidays in the Middle East so you'll have to do your research as they can vary from country to country. One of the more easily overlooked facts about western businesses is their religious week. Friday in the Middle East is the equivalent to a western Sunday and is treated as a religious holiday. This must be remembered before attempting to schedule any business meetings etc.

Travel: When is comes to travel everyone uses taxis and they're fairly cheap in the Middle East especially in comparison to London. In Saudi Arabia and the larger countries, internal flights are very common and the way to travel.

Currency & Finance: Not all countries in the Middle East have cash points; the majority of those that do will accept Visa. There will however be banks on most high streets in the bigger towns and cities, which will be able to exchange money for you. Most hotels will also provide this service, although the exchange rate is likely to be quite high. This is another area which research will be required first as it can vary from country to country. Most companies in the Middle East will work on LC's (letters of credit) when you have established very good relationships you can work on a credit basis

For more information on doing business in the Middle East and International Trade, GuruOnline contains hundreds of business advice videos. All from recognised industry experts and all the information is in bite sized, instantly streamed free videos.

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