Forex Trader Jobs In Dubai
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The ultramodern city of Dubai in the UAE, with incredibly high rates of Internet penetration, a tech-savvy population, and a solid infrastructure for business, is an ideal location for the start-up or expansion of an E-commerce business. This report will take you through the E-Commerce market of Dubai and the potential benefits and challenges of establishing an online business in the city. We will address the business environment, trade growth, challenges to start-ups, the state of the mobile market, and projected Dubai E-commerce market growth.
Although UAE citizens account for nearly 6 million of the current population, UN estimates that take into account the large immigrant population place the actual population at nearly 9. According to a estimate, The median age in the country is 30, with around The UAE has a severe gender imbalancewith a male: Although the UAE is a resource-rich nation that built a successful economy around oil exports, recent attempts at economic diversification have proved successful in opening up the private sector and creating a wider variety of jobs.
Dubai is known as a popular tourist destination, a thriving hub for business, finance, and entrepreneurship, and as the second largest emirate within the UAE. Dubai has a central location in the country and is known for its open economic systemwhich keeps customs duties low and places no tax on corporate profits with the exception of oil companies.
In this section, we will examine both the workplace and the large-scale trade of Dubai. We will use information about business customs and norms of censorship to inform proper conduct while expanding your company into Dubai, and estimate the future growth of the economy and the Dubai market through GDP measurements and scales of imports. Successfully setting up a business in any country requires a knowledge and appreciation of the new business environment.
Business practices in Dubai can vary widely from those known in the United States as well as from other Middle Eastern countries. We will quickly address the most important tenets of conducting business in Dubai — talking about differences and similarities between this city and the United States in terms of greeting, calendars, work habits, and navigation of religious norms and inter-gender relationships.
Although other Middle Eastern business cultures may hold cheek-kissing as the common mode of greeting e. Lebanona firm and professional handshake will suffice in Dubai.
Although due to a large expatriate community knowledge of Arabic is not necessary, knowing at least a few key phrases is polite and could help integrate you further into the community. A small chart of key Arabic phrases can be found here. Do not greet a member of the opposite gender with a handshake; instead, place your right hand over your heart. During the month of Ramadan, most businesses — including Western companies — close at around 1: Meetings should not be scheduled near any major Muslim holidays, or near prayer times.
Prayer times in Dubai can easily be found in newspapers, or online. Meetings typically begin in a leisurely mannerwith plenty of time for small talk and getting to know the other business partners. Hospitality is a prized virtue, so many meetings may begin with a casual cup of tea or coffee which it may be considered discourteous to refuse. However, the work attire of a business in Dubai tends to be very formal. Some businesses might dress more casually on Thursdays.
Professional dress should be very modest, especially for women. Most Emirati businesswomen wear abayas modest robes that cover the arms and touch the floor in public, and expatriate women are expected to be respectful of the modest culture by covering at least their upper arms and knees. Public drinkingand the use of alcohol in business meals and company functions, is generally discouraged in Dubai. It is illegal to consume alcohol outside of licensed hotels.
It would also be considered very bad taste to order pork at a restaurant. A article in Forbes claimed that women in Dubai face as little discrimination in the workplace as women working in London or New York, and that female entrepreneurship is common and widely accepted.
While female participation in the labor force may be celebrated and commonplace in Dubai, businesswomen may find difficulty in career advancement. Few women are employed at senior levels of companies, and some women claim that stereotypes against working women can create a hostile work environment.
In terms of proper conduct for business meetings, boundaries between men and women are an important part of the office — more so than in the United States. For example, it would be improper for an expatriate businessman to shake the hand of an Emirati businesswoman without an express invitation. The ONI reported that the amount of censorship has grown in recent years and is most commonly used to block alternative religious or social views from those of the government as well as criticisms of the state.
Though Dubai previously enjoyed free Internet accessthe state recently expanded censorship in to include the city. Though the rate is declining, trade has continued to boom. This represents a 3. This list of imports forprovided by the OECdemonstrates that the largest market for imports was in jewelry and precious metals — most of which were supplied to the UAE by India, Italy, and Turkey. This market has remained relatively constant, whereas the markets for broadcasting equipment, cars, and computers experienced growth between and The gold market in the UAE is greatly volatile.
However, we have compiled here a chart with World Bank data detailing the growth rates of GDP and country imports in the past few years. The chart shows a slow decline in GDP growth rate but a general rise in imports, with a sharp spike in This chart is, then, optimistic about the level of imports continuing to rise in the UAE and the continued growth of the economy.
Following is a short list of prohibited imports to the UAE. A more comprehensive list can be found here. This rate is outperformed in the region only by Bahrain and Qatar, and is astonishingly high compared to the This number reflects both the Emirati population and the migrant workers, telling us that over 8. The penetration rate has grown greatly from just Inthe UAE had over 5. These statistics reflect the popularity of the Internet in Dubai and the UAE and the growing reliance on it for business and social connectivity.
Following is a list of the most popular websites in the UAE in October For the most part, this list consists of universally popular websites that generate high rates of search traffic.
The only two websites on this list that are specific to the Middle East are dubizzle. It is unusual that there are no country-specific news websites in the top 10 list, as there are for many other Middle Eastern countries. Instead, this list shows great connectivity with the rest of the world with many social platforms being represented.
We can infer a strong ecommerce market from the presence of 2 online marketplaces in the top 10 list as well as high levels of connectivity and social knowledge in the UAE from the numerous social media platforms. Another interesting thing to note is the presence of Indeed. These are both career search websites, and indicate high interest in business and employment in the country, and desire to participate in the business environment. Following is a list of popular online markets and market websites with the most traffic in the UAE in October This list of online markets can tell us a lot about the state of ecommerce in the UAE.
Most notable are the presence of Awok. Groupon is an international company, but has a headquarters in Dubai. The UAE headquarters is the only representation of Groupon in the Middle East, which has offices in nearly 50 countries.
Since Groupon recently pulled out of Morocco and 6 other countries due to investment and costs outweighing the opportunity for growth, its continued presence in the UAE suggests strong and growing online market opportunities in the country.
These websites and the general popularity of online marketplaces in the UAE give an optimistic outlook on the state of ecommerce in Dubai. One of the major issues in establishing an online market in the Middle East is a lack of trust by consumers in online payments. To make an online market sustainable, many Dubai-based retailers such as Awok.
Though this seems a workable solution, it leads to higher levels of product returns and high delivery fees. Another, more successful answer to this problem has been the use of secure and trusted payment gateways e. Paypal, CashU to transfer money online. The growing popularity of these systems and growing trust of Emiratis in these platforms could lead to a much larger E-Commerce market in coming years. A start-up E-commerce business in Dubai should integrate with a trusted payment gateway in order to build trust among its customers.
Listed below are the most popular third-party and integrated payment gateways in Dubai. Most Popular Payment Gateways. This is a shockingly high percentage for the city with the most malls in the world. There are many advantages to starting an E-commerce business in Dubai now while the market is still growing and strengthening. A crucial benefit to starting an online business in Dubai is the ability to do so quickly and cost-efficiently.
The cost of registering a firm in the UAE is also about half of the average cost to register a firm in the Middle East. Starting an online market in the UAE should be an efficient and easy process. Another great advantage to creating a business in Dubai concerns the greater trust in buying from locally based retailers. The two most frequently visited online markets in the UAE are Souq. The reasons cited by respondents for this trend were fears of bad security and hidden charges on foreign websites.
A business based in Dubai might receive a much greater market share from Emiratis and higher profits than a foreign business trying to attract buyers from overseas. Although a major deterrent to E-commerce start-ups in Dubai was a lack of trust in online businesses payments, the young and increasingly tech-savvy population seems ready to adapt to a new mode of doing business. Although many consumers interviewed by MasterCard claimed that they would feel much more comfortable with digital penetration and use of online and mobile payment platforms were there guarantees for data protection, they also indicated enthusiasm for new technology and a digitalization of the way they shop.
Increasing normalization of technology, the technological and business culture of Dubai, and a young population could greatly lessen this problem and promote E-commerce markets in the future. A large majority of shoppers were irritated by high delivery charges and service fees associated with buying online.
MasterCard reported that fewer survey respondents indicated preference for brick-and-mortar stores in than in This statistic is most credited to the greater convenience and safety of online shopping.
However, this preference is restricted mainly to local websites — which are considered faster and safer than foreign markets. A good solution to increasing website traffic and purchases is to set up a local base in Dubai.
This strategy has worked well for Groupon, which is one of the most popular websites for E-commerce in the UAE. Another solution is to use secure gateways — such as PayPal or CashU — and offer fast and low-cost shipping to increase trust among Emirati consumers.
It has also been found that offering coupons and discounts greatly increases trust and customer loyalty in the UAE. Almost half of the MasterCard survey respondents indicated that they would be more likely to buy from companies which they believed were environmentally and socially responsible.