Are you an NRI living in these countries or an Indian resident dreaming to make it big in the Gulf? Here's a guide of important lessons and motivations.
Does it require any explanation as to what makes Indians such industrious and loved in the world? We are certainly the most-sought-after people. That, thanks to our morals, ethics, values, business acumen and zeal. Also, you would have noticed many successful businesses driven by an Indian or an Indian angle to their inspiring work.
If you are an NRI residing in the gulf region or an Indian resident wanting to make it big in the Gulf, you must take a look at the region of UAE. Here's a little summary about UAE that should help you expand your wings.
The Middle East region, popularly referred to as Gulf, is a congregation of 18 countries. It includes popular countries such as Saudi Arabia, Yemen, Oman, United Arab Emirates, Qatar, Bahrain, Kuwait and Jordan. The region also includes Cyprus, a part of Turkey, Syria, Lebanon, Israel, the West Bank and Gaza, Iraq, Iran, Egypt and Libya. You will find several success stories of Indians working on a work or a resident visa in this region.
The Cooperation Council for the Arab States of the Gulf, originally known as the Gulf Cooperation Council (GCC) is a regional intergovernmental political and economic union consisting of all Arab states namely- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The Kingdom of Saudi Arabia is the largest among GCC countries with 28.5 million people and UAE is a country consisting of seven smaller emirates. Emirates for those unaware is similar to states.
Dubai and Abu Dhabi are among two of the most prominent seven states of the UAE.
The current population of UAE is around 9.89 million as per recent data from the World Bank. Residents from the Indian subcontinent form the largest proportion of expatriates in the UAE (2.62 million or approximately 26.5%).
Ideally, any new business setup needs to follow certain procedures. These are the same procedures that the World Bank uses to evaluate the annual Ease of Doing Business rankings for 190 economies. Here are some of the parameters:
Countries such as UAE can be a great place to start business. UAE has a doing-Business score of 80.9 and is ranked 16th under 'Ease of Doing Business' for Middle-east North Africa region.
Many entrepreneurs look at these factors as challenges, however, one should look at them as standard procedures. SOPs are to be fulfilled as per the regulations and laws of any particular country. Local authorities are always willing to help entrepreneurs since any business activity would boost a country's economy and provide jobs.
You will also find consultants offering their help in completing formalities. Seeking their service can ensure that you save your time and focus on the most important activities for your business. Do check on the deliverable, expectations and associated costs before entering into an agreement.
Also, it is important that you find contacts within the Indian embassy located for that particular country. The Indian embassy will be your only friend and perfect advisor to guide you through the required norms and regulations of any particular country.
In UAE, most Indian migrants support the financial, manufacturing, and transport industries. A sizeable minority of migrants are involved in professional services and entrepreneurship. It is common to find shopkeepers and retailers in UAE hailing from the state of Kerala. Indian migration to the UAE drastically increased after UAE discovered black-gold (petroleum). The second migration commenced after Dubai allowed free trade. You should know that a whopping 40 percent of the global trade of Gold passes through the ports and refiners of Dubai, UAE.
India emerged as the largest trade partner of the UAE with bilateral trade between the two countries. As per the official data revealed for the year 2019-20, India's total exports was US$ 313,316.00 and total imports was US$ 474,709.00 which shows that how India-UAE are each other's main partner.
The UAE remains most preferred countries to migrate to for Indian billionaires followed by UK and USA according to a local report.
Around 20% of Indians in the UAE are white collar professionals as per their latest data. In addition to employment-based migrants from India, many Indian entrepreneurs in the UAE have established successful national franchises. The notable ones are - Lulu Hypermarkets, Landmark Group, Jashanmal, Ajmal Perfumes, Amber Packaging, Jumbo Electronics, Choithram's, Varkey Group, and Joyalukkas.
A large number of Indian success-stories of UAE based Indian billionaires, who are leading a significant life. Some renowned name includes Micky Jagtiani, Yusuff Ali M.A., Ravi Pillai, Sunny Varkey, Tony Jashanmal, Joy Alukkas, Yogesh Mehta, Dharmdev Bhatt, Rizwan Sajan, Azad Moopen, Ramesh S Ramakrishnan, Shamsheer Vayalil, and Lachmandas Pagarani and many more.
Those 14 out of 40 wealthiest Indians, who migrated into the UAE because of the country's excellent infrastructure, ease of doing business, peaceful environment, and good quality of lifestyle.
If you want some inspiration look no further than these names and their net-worth.
In the last few years, India and middle-east countries have seen increased bonhomie in fields such as energy, investments, and security. Do research well and remember every successful-story makes India proud.
Vinod Tiwari is a business coach and UAE's number one entrepreneurship consultant. He is also an author and a sought-after international speaker.
Disclaimer: Views expressed are solely that of the author and should not be construed as an opinion from Sify. Image of Dubai's popular landmark Burj-Al-Khalifa, attributed to Anthony Espinosa.