Despite the economies of some Middle Eastern countries being devastated by wars and political unrest, many others are emerging markets that offer significant opportunities due to an increase of foreign businesses. A growing population and middle class, together with substantial efforts to encourage activity outside of oil and gas industries provides business opportunities across the region. With a 47% share of global oil production and 17% share of natural gas production, the Middle East will continue to offer opportunities in these areas, despite falling crude prices.
Low to non-existent tax in the Middle East is a major incentive to doing business there. Much of the region has little or zero income and council tax with favourable regimes for businesses. Bahrain, for example, levies no taxes on income, capital gains, sales, estates, interest, dividends, royalties or fees other than those specifically imposed on oil and gas companies. Commercial incentives such as duty free import of machinery and ‘free zones’ are also common.
Local Culture and Customs
Many Middle Eastern states follow the Islamic or Hijri calendar where the working week runs from Sunday to Thursday with implications for those conducting international business. The region also has a distinctive business etiquette which affects punctuality and gender interactions. It is also worth noting that there are government initiatives to increase the proportion of local workers in many Middle Eastern states. Although continuing dependence on qualified and experienced foreign workers means that the region will continue to offer new consulting opportunities.
Procorre can overcome challenges and provide consultants and clients access to Africa’s opportunities, including in the following sectors:
We have capacity in the following countries: