What are the best countries to establish a profitable business in the Middle East. Check out this post to get the list and essential details!
Best Countries to Start a Business in the Middle East
Starting a new company in the Middle East is not a complex process. However, you must choose a country with business-friendly policies and lower tax rates. At the same time, you must become familiar with a country’s business culture in the Middle East and examine its economic conditions. Here are the best countries to start a business in the Middle East. Read on!
United Arab Emirates
The United Arab Emirates has the best business ecosystem. Cities, including Abu Dhabi and Dubai, are commercial hubs and ranked top in the Middle East for ease of doing business and starting and running your company.
In addition, it is pretty easy to obtain credit in the UAE because the country taxes global banks and oil companies, making it ideal for cutting expenses and generating higher profits. The UAE has appropriate tax policies for the oil and gas, construction, banking, and tourism sectors.
Oman is the second-best country to start a business in the Middle East. The company primarily relies on oil and gas. The industry contributes to more than 85% of the country’s economy.
The Sultanate has established a state-of-the-art business climate for foreign investors and entrepreneurs, allowing them to start and run successful companies without operational and financial risks.
We recommend starting a business in the mining, manufacturing, logistics, shipping, and tourism industries. However, the country also has favorable policies for the aquaculture, technology, and software sectors.
Qatar is one of the wealthiest countries in the Middle East. Although Qatar is a small country, the World Bank ranks it first for registering properties, second for getting building permits, and third for paying taxes. So, all these factors contribute to the ease of doing business in Qatar.
Although the government generates 70% of its revenue from the oil and gas industry, Qatar has substantially diversified its construction, banking, real estate, renewable energy, agriculture, steel, tourism, and technology sectors, allowing locals and foreigners to start and run profitable businesses.
Natural gas and oil dominate the Bahraini economy. However, the country has established business-friendly policies for other industries, including the information and communication technology sector. Banking and real estate are also excellent industries to start a business in and earn significant profits.
Besides, the Bahraini government has invested in creating a positive environment for businesses, entrepreneurs, and corporations. It has signed a free trade agreement with the U.S, driving people from western countries to invest in and run profitable businesses in various sectors.
Although Saudi Arabia has strict laws, it has favorable ecosystems for businesses and entrepreneurs. The oil-rich country under the leadership of Mohammad Bin Salman aims to modernize Saudi Arabia and promote tourism, entertainment, energy infrastructure, education, and transportation networks.
Remember, these improvements are directly proportional to streamlining business development and processes. According to the World Bank, Saudi Arabia will become the leader of the business world in the Middle East in the coming years. It is an excellent location for investors and businesses to find funding and grants.
Planning, starting, and running a business in the Middle East has become easier than ever, thanks to the modern and corporate-friendly policies, allowing entrepreneurs to make their dreams come true. Until Next Time!
- Article based on personal opinion, experience, and research.
- Photos from Unsplash & canva.