Diversification is probably one of the most popular words among investors today. This is one of the reasons why investors and entrepreneurs are starting to look for opportunities behind the national borders. As a result of that, certain regions in the world like the GCC (Gulf Cooperation Council) have become so popular. The GCC has six state members – Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates. For many years, these countries were known for the export of oil which made all these countries very rich. So, all these countries have excellent infrastructure and liberal laws that attract entrepreneurs and investors from every part of the world. It is interesting that a region that was once isolated and totally unattractive is now shaping the global economy.
Another thing that is worth mentioning is that the strength of the economy in this region is attracting different profiles of workers from different countries. For example, it is very simple to find a Manila to Dubai flight because people are looking for relatively inexpensive labor. Of course, these flights are used by tourists too. Many people find temporary jobs in GCC region, but some of them are staying for years and not planning to go back to their native countries.
Many countries from the surrounding regions are investing in GCC region too because they are unable to promote their business ideas from their native countries. The GCC region has established strong relationships with companies and investors from the Western world and it is much easier to get noticed as startup from this region. On top of that, almost every country in the GCC region is offering accelerator programs. Namely, people with unique ideas can get the necessary funding to turn their ideas into reality and all they need to do is to provide equity stakes in their startups.
From Dubai to Riyadh and from Kuwait City to Oman, international investors are looking for the best opportunities to start a business. Sometimes they are doing this alone, but in many cases, they are looking for local partners. Both options have their own advantages and disadvantages, so it is the best idea to do proper research before choosing any of them.
The governments of these countries are doing everything they can to encourage people to start their own businesses. Every year they are changing the laws and regulations making their country more startup-friendly. It is no wonder why so many foreign companies have decided to move their headquarters in these countries.
We must mention that contrary to popular belief, the GCC region is open-minded when it comes to female entrepreneurs and there is absolutely no restriction for females who want to become entrepreneurs. As a matter of fact, there are several startups established by women in the last few years and some of them are among the most successful companies in the GCC region.
The perfect blend of capital, prospering markets in this region and technology experts in these countries has made an ideal environment for startup enthusiasts. The GCC countries are well-aware that the profit they are making from oil won’t last forever and that’s why they have decided to invest and promote entrepreneurship. It seems that their efforts have paid off.