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Challenges Of Doing Business In Middle East
The Middle East is a vast and diverse region with a rich history and culture. It is also a region with a number of challenges for businesses, including political instability, corruption, and economic volatility.
Political instability is a major challenge for businesses in the Middle East. The region has been plagued by wars and civil conflicts for decades, and the political situation remains unstable. This can make it difficult for businesses to plan for the future and to operate in a safe and secure environment.
Corruption is another major challenge for businesses in the Middle East. Transparency International’s Corruption Perceptions Index ranks many Middle Eastern countries as among the most corrupt in the world. This can make it difficult for businesses to do business in the region, as they may be asked to pay bribes or engage in other corrupt practices in order to get things done.
Economic volatility is another challenge for businesses in the Middle East. The region’s economies are heavily dependent on oil, and the price of oil has fluctuated wildly in recent years. This can make it difficult for businesses to plan for the future and to manage their finances.
Despite these challenges, there are also a number of opportunities for businesses in the Middle East. The region is a growing market with a young and educated population. The government of many Middle Eastern countries are also working to improve the business environment and to attract foreign investment.
Businesses that are able to overcome the challenges of doing business in the Middle East can reap significant rewards. The region offers a unique combination of opportunities and challenges, and businesses that are able to navigate the challenges can succeed in this dynamic and growing market.
Here are some tips for businesses that are considering doing business in the Middle East:
- Do your research. Before you enter the market, it is important to do your research and to understand the challenges and opportunities that exist.
- Partner with a local company. Partnering with a local company can help you to navigate the local business environment and to avoid the pitfalls that many foreign businesses fall into.
- Be patient. Doing business in the Middle East can be a slow and frustrating process. It is important to be patient and to persevere if you want to succeed in this market.
- Be prepared for cultural differences. The Middle East is a very different culture from most other parts of the world. It is important to be aware of the cultural differences and to be respectful of the local customs and traditions.
- Be prepared for economic volatility. The Middle East is a very volatile region economically. It is important to be prepared for the ups and downs of the economy and to have a plan in place to deal with economic shocks.
Despite the challenges, the Middle East can be a very rewarding market for businesses that are willing to invest the time and effort. By understanding the challenges and opportunities, businesses can develop a successful strategy for doing business in this dynamic and growing market.
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19 August 2022 – The governor of Egypt’s central bank, Tareq Amer, resigned on Wednesday, state media reported.
The Egyptian pound changing hands at 19.1 to the US dollar, its second lowest exchange rate on record, exceeded only during the currency’s brutal devaluation in winter 2016.
Egypt devalued its currency again in March in the face of soaring inflation.
The world’s largest importer of wheat, Egypt has been badly hit by the war between its two main suppliers — Russia and Ukraine — which has sent world prices soaring.
The cost of some foodstuffs has risen by as much as 66 percent, helping push inflation to a headline rate of 15 percent.
Ratings agency Moody’s downgraded Egypt’s outlook from stable to negative, citing a growing risk of social unrest triggered by plummeting living standards.
Egypt’s hard currency reserves have fallen from $41 billion in February to $33.1 billion now, despite support from close ally Saudi Arabia which deposited five billion dollars in the central bank in late March.
Egyptian authorities are in talks with the International Monetary Fund on a new bailout as the public debt has hit 90 percent of GDP.
28 July 2022 – Interest rates jump in the Middle East
Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday.
The Central Bank of Kuwait, the only one of the six Gulf Cooperation Council (GCC) countries that ties its currency to a basket rather than just the dollar, raised its key discount rate by 25 basis points (bps) to 2.5%.
The central banks of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Oman all raised their key rates by 75 bps to 3%, 2.4%, 3%, 3.25% and 3%, respectively.
7 June 2022 – Saudi Arabia’s gross domestic product grew 9.9 percent in the first quarter, the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor.
Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said.
Non-oil activity rose 3.7%, or 0.9% from the previous quarter. Government activity increased by 2.4% year-on-year, but declined 0.9% from the fourth quarter.
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