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Executive Report on Strategies in the United Arab Emirates
ICON Group International, June 2007, Pages: 384
How to Strategically Evaluate the United Arab Emirates
Perhaps the most efficient way of evaluating the United Arab Emirates is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in the United Arab Emirates
This report provides an extremely detailed overview of factors driving latent demand and accessibility in the United Arab Emirates. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in the United Arab Emirates:
Openness to Trade in the United Arab Emirates
Openness to Direct Investment in the United Arab Emirates
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering the United Arab Emirates. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for the United Arab Emirates over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by the United Arab Emirates when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for the United Arab Emirates as an area of dominant influence in the Middle East and, potentially, the world.
As a whole, this report presents a strategic assessment of the United Arab Emirates by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN THE UNITED ARAB EMIRATES
Economic Fundamentals and Dynamics
The United Arab Emirates (UAE) is a federation of seven emirates located on the Arabian Peninsula. The UAE has a coastline and seaports inside as well as outside the Strait of Hormuz, which is the entrance to the Arabian Gulf. The seven emirates are Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Qaiwain, Fujairah, and Ras Al Khaimah. The total area of the UAE is about the size of Maine, with a population exceeding 3.8 million, of which approximately 80 percent are expatriates. Each emirate has its own ruler and retains a high degree of autonomy within the federal system. The president of the UAE is chosen by the Federal Supreme Council, which is composed of the rulers of the seven emirates. In addition to the Federal Supreme Council, the federal structure includes the Council of Ministers, a Federal Judiciary, and the Federal National Council (FNC), which is a consultative body of 40 members representing the seven emirates. The FNC does not have the power to legislate, but it can summon ministers, and it performs an oversight function.
A high degree of political and economic power resides in the individual emirates. Under the UAE Constitution, each ruler retains control over natural resources, including oil, within his emirate, and regulates commercial activity. Since hydrocarbon reserves, and thus revenues, are not equally distributed, wealth, political and economic power, and the level of economic development are disproportionate among the seven emirates. Government fiscal policies aim to distribute oil wealth to all the emirates in the UAE by a variety of means. Support from the wealthier emirates of Abu Dhabi and Dubai to less wealthy emirates is provided through the federal budget, which is largely funded by Abu Dhabi and Dubai.
The terrain is mostly sandy desert, barren mountains, and salt flats. Before the exploitation of petroleum deposits in the 1960s, the UAE had a subsistence economy that consisted of fishing, date cultivation, livestock, small-scale trading, and pearling. The UAE now is a prosperous country of global economic significance.
The UAE maintains an extensive cradle-to-grave welfare system for UAE nationals, comprised of numerous subsidies, grants, loans, and free services. Most employed UAE nationals work for federal or emirate governments. The government also provides many subsidized services for foreigners, who constitute more than 80 percent of the population and 93 percent of the labor force. While efforts have been made to increase fees charged for some services, such as health, water, and electricity, the increases do not cover costs, and nationals still receive many services free of charge.
Government Intervention Risks
The UAE has a mixed economy, with the most productive assets owned by the governments of the individual emirates. While considerable scope is given to private enterprise, the legal regime favors UAE nationals over foreigners. In both Abu Dhabi and Dubai, international oil companies maintain equity interests in their operations.
Federal commercial laws promote national ownership of business throughout the country. Foreign businesses, except those seeking to sell to the UAE Armed Forces, must have a UAE national sponsor. Agency and distributorship laws require that a business engaged in importing and distributing a foreign-made product must be owned 100 percent by a UAE national. Other businesses must be at least 51 percent owned by nationals. Companies located within the UAE’s twelve free zones are exempted from agency/distributorship, sponsorship, and national ownership requirements. However, if they lack 51 percent national ownership, they are treated as foreign firms and subjected to these requirements if they market products in the UAE.
The UAE Federal Government is attempting to establish a legal framework covering all aspects of doing business in the UAE as part of its development into a regional trading center. Intellectual property rights protection laws are the most recent additions to this framework.
There are no restrictions on the import or export of either the UAE Dirham or foreign currencies by foreigners or UAE nationals, with the exception of Israeli currency and the currencies of those countries subject to United Nations sanctions. Since November 1980, the Dirham has been fixed to the U.S. Dollar, but it is also formally pegged to the IMF’s Special Drawing Rights (SDR) at the rate of 4.76190 Dirhams/SDR, with a margin of fluctuation set initially at 2.25 percent and widened in August 1987 to 7.25 percent.
The UAE Federal Government has no official or commercial foreign debt. Some individual emirates have foreign commercial debts, and there is private external debt. There are no reliable statistics on either, but the amounts involved are not large. The foreign assets of the Abu Dhabi and Dubai governments and their official agencies are believed to be significantly larger than the reserves of the Central Bank. It is conservatively estimated that assets of the Abu Dhabi Investment Authority (ADIA) total more than $125 billion.
There is no income tax in the UAE. Foreign banks pay a 20 percent tax on their profits. Foreign oil companies with equity in concessions pay taxes and royalties on their proceeds. There are no consumption taxes, and no customs duties on most products traded within the GCC. The GCC implemented on January 1, 2003 a common external tariff of 5 percent for many goods.
Balance of Payments Issues
The UAE maintains a booming re-export trade and more than 30 percent of all exports are re-exports to traditional trading partners, such as the Gulf Cooperating Council states and Iran. UAE re-exporters have recently sought new markets in Russia, the Commonwealth of Independent States (CIS) of Central Asia, and East and South Africa.
Infrastructure Development
The UAE has a fairly well developed and modern infrastructure. Land transportation is by road and an asphalt highway network links all major cities. Authorities in Abu Dhabi and Dubai are busily engaged in widening roads and replacing worn stretches. All of the emirates, with the exception of Ajman and Umm Al Quwain, have modern airports.
All emirates have modern seaports. The port of Jebel Ali in Dubai is the largest man-made port in the world. Goods are imported by sea and distributed by truck within the UAE and to nearby locations in neighboring GCC countries. As part of its drive to diversify its economy away from oil to regional trade, Dubai has developed free zones at two main seaports and its international airport. There are now 12 free trade zones in the UAE, half of which are located in Dubai.
Other ports in the region, including in the UAE, have noticed Dubai’s success and are seeking a share of the re-export business for themselves. While they may never be able to match Dubai for volume, efficiency, and expertise, Khor Fakkan and Fujairah, both in the UAE, possess something Dubai does not -- they are located on the Gulf of Oman outside the entrance to the Arabian Gulf. An international cargo ship can reduce sailing time by 24 hours from Europe to the Far East by not joining the queue to pass through the busy straits; bypassing the Gulf also means lower insurance rates.
The UAE has well-developed water and electricity utilities and is aggressively expanding output to keep up with increasing demand. Overall, the growth in water demand is greater than for power.
Political Risks
Economic Relationship with the United States
The strong and friendly relations between the United Arab Emirates (UAE) and the United States (U.S.) are based on a shared commitment to the security and stability of the Gulf region. The U.S. and the UAE share similar concerns on a range of international issues. The substantial trade between the U.S. and the UAE, the number of Emiratis pursuing degrees at American universities, and the sizable American business community in the UAE contribute to increasingly close ties.
Politics and the Business Environment
The UAE, especially the northern emirates of Dubai and Sharjah, counts Iran as a major trading partner despite an ongoing dispute over three islands in the Gulf claimed by both countries but occupied by Iran. The UAE seeks to resolve this dispute through peaceful means.
The Political System
Established in 1971, the UAE is a federation of seven emirates, each headed by its own ruling family. Traditional rule in the UAE has generally been patriarchal, with political allegiance defined in terms of loyalty to tribal leaders. Political leaders are not popularly elected, but citizens may express their concerns directly via traditional mechanism, such as the open majlis, or council. In accordance with the UAE Constitution, the seven emirate rulers comprise a Federal Supreme Council, the highest legislative and executive body. The Council selects a President and Vice President from its membership; the President in turn appoints the Prime Minister and the Cabinet.
A consultative body, the Federal National Council (FNC), consisting of advisors appointed by the emirate rulers, has no legislative authority but questions government ministers in open sessions and makes policy recommendations to the Cabinet. Each emirate retains control over its own oil and mineral wealth, some aspects of internal security, and some regulation of internal and external commerce. The Federal Government asserts primacy in matters of foreign and defense policy, some aspects of internal security, and increasingly in matters of law and the supply of some government services. The judiciary is generally independent, but its decisions are subject to review by the political leadership.
Marketing Strategies
Distribution Channel Options
The most common method of selling into the UAE is by appointing a commercial agent. Other methods used, depending on the product or service, include direct sales to the end-user; sales through an informal, non-exclusive re-seller arrangement; establishment of a company presence through a joint venture; or authorization to a local firm via a licensing or franchising arrangement.
U.S. exporters sometimes find it advantageous to appoint different commercial agents or distributors for different emirates. Multiple agencies and distributorships may also be appointed to handle diverse product lines or services. Many UAE companies handle numerous product lines, making it sometimes difficult to promote all products effectively.
Agents and Distributors
The UAE legal system distinguishes between the two forms of commercial agents - the registered and the unregistered commercial agent. Local companies prefer to work as registered agents because the law favors this arrangement. On occasion, local companies will accept the unregistered method based on good faith, but almost always prefer exclusivity.
UAE law does not distinguish between an agent and distributor, referring to both as commercial agents. The Ministry of Economy and Commerce handles registration of commercial agents.
The provisions relating to commercial agencies are collectively set out in Federal Law No. 18 of 1981 on the Organization of Commercial Agencies as amended by Federal Law No. 14 of 1988 (the Agency Law) and apply to all registered commercial agents. Federal Law No. 18 of 1993 (Commercial) and Federal Law No. 5 of 1985 (Civil Code) govern unregistered commercial agencies. Federal law is applicable throughout the UAE.
Selection of the right entity is the most important decision. Registered agents may not be terminated, except with sufficient cause as determined by a government committee, which usually rules in favor of the local entity. In most cases, compensation to a terminated agent is required even if the committee rules for the foreign firm. Only UAE nationals or companies wholly owned by UAE nationals can register with the Ministry of Economy and Commerce as local agents.
Agency Contracts
Terms and conditions vary. Commissions and other forms of compensation typically depend on the amount of work required of the agent and sales volume. Responsibilities and performance measures should be clearly defined. The agreement should establish the geographic territory covered because UAE law awards automatic exclusivity to the agent in the agreed-upon geographic area. An agent must have a presence and be licensed to operate in each emirate, as there is no blanket license for the whole of the UAE. In some instances agents have been appointed on a project basis, with the relationship restricted to the specified project terminating automatically upon reward or completion.
It is recommended that a U.S. company retain the services of a local attorney to ensure its best interests are carefully considered when drawing up an agreement.
Franchising Activities
The UAE is very receptive to franchising. High per capita income, receptivity to new products, tax-free earnings and an upwardly mobile population are indicators of the future growth potential for this market. Currently, franchises are operating in fast food and dine-in restaurants, auto leasing, apparel, soft drink bottling, beauty products, hotels, toys, photography, jewelry, vending machines, dry cleaning, furniture, hardware stores, office supplies, natural health products, publications, quick printing, garden care and florists, sporting goods, retail/convenience stores, and maid and personal services. Today, the largest franchise segment is fast food with most major U.S. fast food companies already established. But there remains considerable potential for franchises of all kinds.
General contract and commercial law apply to franchise agreements as no special legislation for franchise arrangements are currently in place. A single company or individual usually owns 100 percent franchise operation rights in the UAE. In other cases, the franchisee enters into a joint venture with the franchiser to operate all outlets as “company owned” stores employing local managers.
Direct Marketing Options
Direct marketing is only used when a firm sells directly to the end user. Under local law the international company would still need to honor the commission payable to its local agent or distributor even if they had no part in the sale. Direct sale to the end-user approach is suitable only for infrequent, low volume exports, as marketing in the UAE is very competitive.
Other than advertisements in newspapers and magazines, the only other forms of direct marketing in the UAE is by way of limited unsolicited mail, fax and catalog sales campaigns (with local pick-up or delivery arranged). Commercials via TV and satellite channels offer an effective direct marketing approach reaching conservative UAE and expatriate women in the privacy of their homes.
Joint Ventures and Licensing Options
Emphasis is given to personal relationships in the Middle East when conducting business. Therefore maintaining a local presence through joint ventures and license agreements can offer distinct advantages. Local business and government officials prefer to deal with someone they know and trust.
In a joint venture, profit and loss distribution can be prescribed even though UAE majority ownership is mandatory. It is not compulsory to license the joint venture or publish the terms of agreement. The foreign partner could deal with third parties under the name of the local venture.
Banks, insurance, and financial companies must be run as public shareholding companies, requiring a minimum capitalization of Dhs 10 million. The Chairman and the majority of Directors must be UAE nationals and a restrictive distribution of profit is enforced. If foreign banks, insurance, and financial companies open a branch or representative office in the UAE, 100 percent foreign ownership is allowed. However, this limits their business activities to offshore operations.
Licensing of manufacturing processes is a growing market, especially with the UAE’s desire to increase the quality and diversity of local production. The total market for industrial licenses remains relatively small due to the limited manufacturing done in the UAE.
The majority of licensing in the UAE is done for fabricating and/or marketing of trademarked items. Licensees of U.S. sports and university logos and animated characters service a very active market that has one of the world’s highest disposable incomes. Licenses to sell U.S. brand products as an authorized dealer or to sell U.S. logos/names/ characters on a non-U.S. product are highly sought after in the apparel market. Licensing helps retailers meet the current demand from young consumers’ demand.
Creating a Sales Office
The decision to set up an office in the UAE and the type depends on the nature of the business of the U.S. firm. To set up an office, the following procedures must be followed.
First, firms must find a local sponsor, both for the firm and for its resident employees. A sponsor may be a UAE citizen or institution, such as a free zone. The sponsor can be involved in the business, or simply a service sponsor providing, for a fee, legally required administrative functions.
Second, firms have to be licensed by the emirate of domicile before beginning business activities. In general, individual emirates will issue trade licenses covering all kinds of trading activity; professional licenses covering professions and services; industrial licenses for industrial and manufacturing activities; and vocational licenses for craftsmen and artisans. Licenses for other categories of business require approval from federal ministries and other authorities. For example, banks and financial institutions require approval from the Central Bank of the UAE; insurance companies and related agencies from the Ministry of Economy and Commerce; manufacturing from the Ministry of Finance and Industry; and pharmaceutical and medical products from the Ministry of Health. More detailed procedures apply to businesses engaged in oil and gas production and related industries.
In addition to the required licenses, all firms must be registered with the Chamber of Commerce in each of the emirates where the business is licensed to operate. In the UAE, these Chambers are quasi-governmental organizations and membership is mandatory.
Percentage of U.S. ownership depends on the business activity and the purpose of the office the U.S. firm wishes to establish. For firms conducting regional marketing or administrative functions, a representational office, allowing 100 percent ownership, is a possibility. For firms conducting offshore services, a branch office, also allowing 100 percent ownership, is feasible. Establishing an office in any of the UAE free trade zone, regardless of activity, allows 100 percent ownership. Basically, U.S. companies are allowed to open representative, branch, or regional offices with 100 percent ownership, but they are restricted from conducting certain business activities. These offices are not licensed to conduct direct business or marketing operations, including obtaining credit facilities, submitting offers, and participating in local government tenders.
If a U.S. firm wishes to establish an office to conduct direct business in this market, UAE law requires a joint venture with a UAE national, who would retain a minimum of 51 percent of the venture. Current exceptions to this rule include professional or artisan companies where 100 percent foreign ownership is permitted.
The following documents are required to establish an office in the UAE:
Articles of association of the company
Certificate of incorporation
A resolution from the company’s board of directors to set up the office and practice activities in the UAE (the resolution should also give power of attorney to the representative to establish an office and to submit the required applications to the local government authorities)
The foreign company’s last two audited balance sheets together with the auditor’s report, or any other documents that prove the sound financial position of the company
A copy of the national agent/sponsor agreement duly authenticated
Photocopies of the national agent/sponsor’s passport
A valid lease agreement of the company’s office premises
All the above-mentioned documents should be notarized and authenticated by the concerned governmental authorities.
Selling Strategies
The commercial tradition of the UAE is that of the middleman or trader acting as a conduit for goods from large manufacturers to South Asia, the Gulf, and East Africa. Today, with Dubai the hub of the Gulf, the UAE still serves those traditional markets along with those of North, South, West, and Central Africa, and the rest of the Middle East. The prevalent business style emphasizes on personal relationships and perceptions of integrity.
Traditional approaches to business are beginning to change. There is growing emphasis on quality, after-sales service, and maintenance requirements and costs. Personal relationships, particularly when UAE nationals are involved, still predominate. Since these relationships take time to nurture, U.S. firms are advised to invest time in the market with preferably a local presence or at least very frequent trips. Building relationships cannot be effectively done long-distance and face-to-face contact is essential. In addition, U.S. firms should seek a local sponsor, agent, or partner with sufficient access and influence in the appropriate business circles.
Price remains the dominant-buying factor and for U.S. firms selling to traders (the dominant business type in the UAE), there is no substitute. Government procurement also places heavy emphasis on selection of the lowest bidder, as long as the lowest-priced bidder is compliant with all technical specifications.
Even though the UAE is less conservative than some Gulf States and English is widely spoken, sensitivity to local traditions and Islamic beliefs is essential. The use of Arabic in packaging and advertising is desirable, effective, and sometimes mandatory in marketing consumer goods.
Advertising and Trade Promotion
The UAE, and in particular Dubai, serves as the commercial center for the Gulf region. From late September through June, with the exception of the holy month of Ramadan, the UAE hosts an almost continuous and growing series of well-attended major trade exhibitions and conferences. U.S. firms new to this region are advised to consider participation in one of these trade events as an excellent method of evaluating the market and initial penetration methods.
Advertising plays a significant role in sales promotion. The language of business is English. Only about 35 percent of the population are native Arabic speakers from the UAE or other Arab states. The balance of the population is a mixture of South and East Asians, Iranians, and European/North Americans. However, Arabic is the official language and is required for all government documentation. In addition, dual English/Arabic use is common on signage and for many publications. English-only promotional literature is acceptable, but advertising with both English and Arabic has a decided edge. Arabic speakers in key decision making positions appreciate the extra effort and sensitivity to their culture that bilingual publications imply. Arabic labeling for consumer products, especially foodstuffs, is an important advantage in competitive marketing.
There are four major English daily newspapers and several weekly and monthly English language magazines that are effective consumer market vehicles. There are also Arabic and third country language publications. Radio and television broadcasts are primarily in Arabic, English, Hindi and Urdu. The UAE and other Gulf States are Islamic nations and have a different perspective on certain issues than non-Islamic states. U.S. firms are strongly urged to consider cultural sensitivities in any promotional activity.
It is important to stress quality since traditionally, U.S. consumer goods have tended to be higher priced than products from other origins. Gulf consumers recognize the high quality of U.S. products and may be willing to pay a premium for such products. They are highly susceptible to brand recognition.
Pricing Issues
For consumer goods, price is the primary buying factor for the middle and lower classes. These market segments are served through small stores and shops in traditional souks, or markets. Retailers in this category operate under razor-thin margins -- one to two percent is common -- and rely on volume. At the other end of the scale are the segments of the society with large purchasing power -- UAE nationals, Western expatriate businesspeople, and tourists. For these groups, price is not a primary buying factor and retail margins are exceptionally high. These segments are serviced through specialty shops. U.S. exporters must be ready to price aggressively to encourage market acceptance of their products’ main features and to consider selling in small quantities.
The average importer markup on food products is about 10-15 percent. Retail food prices are generally 20-25 percent above import or wholesale prices.
Supplying Customer Service
The commercial and industrial markets are very competitive. For these markets price is also a key purchase factor, but quality, durability, and after-sales service are increasingly becoming more dominant for purchases by government and business. The increasing emphasis on after-sales service favors those products backed by local distributors with adequate part stocks and routine maintenance capabilities. The training of qualified maintenance and repair personnel is a critical marketing factor when catering to the more sophisticated end of the market.
Public Sector Marketing
Government buyers are either federal or emirate governments. Federal purchases are administered through the respective local authority in Abu Dhabi or Dubai. For most civilian purchases, government entities will usually only deal with firms registered in the UAE, or the particular emirate, and will favor local products over imports. Only when goods or services of acceptable quality are not available locally will the procurement authority seek outside sources. It is common for bids not to go out on a public tender, but rather to select firms that were pre-qualified with the organization in question. For all types of government procurement and projects, U.S. firms are encouraged to seek a presence in the UAE and get their goods/services pre-qualified for procurement tenders.
Competition in the public sector is very strong. Besides large military procurement projects, governments in the UAE invest heavily in infrastructure projects, such as roads, power generation and distribution systems, desalination facilities, sewage systems, public housing, recreational facilities, hospitals and other medical facilities and services, schools, athletic facilities, refineries and other hydrocarbon facilities, airports, and government buildings. U.S. goods and services enjoy an outstanding reputation for quality, but, with the exception of hydrocarbon-related industries, are underrepresented in this market.
Intellectual Property Risks
The UAE is a signatory to the World Trade Organization (WTO) and Paris Convention for the Protection of Industrial Property. The UAE government has passed new IPR laws and stepped up enforcement actions aimed at reducing or eliminating such practices, and bringing its IPR regime up to international standards. In the area of software, the UAE is often mentioned by industry watchers as having one of the best records on copyright protection in the region.
Hiring Local Counsel
There are some general points that firms should consider before doing business in the UAE. First, the legal system of the UAE is very different from that of the U.S. Prior to the modern era, business was conducted according to the dictates of religious law (Sharia) and traditional custom.
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