Trade with a Middle Eastern country could be a very lucrative opportunity due to the rapid growth of their economy. Naturally, the formula to finding the right suppliers and buyers will have to be executed in order to succeed.
The United Arab Emirates has been in the spotlight for a while with regard to their fast-growing economy, which has taken some attention away from other soon to be major players in the Middle East. Being a Palestinian-American myself, I have witnessed a country go from having a horrible economy to begin showing signs of growth. When I visit Palestine every year to see family and friends, I always see new projects being worked on or in progress. One project that caught my eye is called Rawabi (www.rawabi.ps). According to their website, ‘Rawabi’s development will create between 8,000-10,000 direct and indirect employment opportunities and homes for 40,000 residents in Palestine. The Rawabi Foundation encourages Rawabi’s entrepreneurial identity to spread across Palestine, creating a new model of economic development, urban planning, culture and education, stimulating the country’s economy. It also develops programs to encourage investment and position itself as an economic hub.
Due to the global economic conditions, Hong Kong exporters are forced to look into exporting more of their goods to the Middle East. According to an article written by Sophie He and located on the China Daily website,
“HKTDC principal economist (Asian and Emerging Markets) Dickson Ho told a seminar, that Hong Kong exporters should not overlook the Middle East region, as its GDP growth in 2012, is expected to be more than 4 percent. Hong Kong’s exports to this region is seeing sustainable growth.
‘During the first six months of this year, Hong Kong exports to the United Arab Emirates increased 22.7 percent from a year ago, while Hong Kong exports to Saudi Arabia rose 27.5 percent,’ said Ho.
He adds that Hong Kong’s exports to Middle East totaled $6.7 billion in 2011, accounting for 1.6 percent of the city’s total exports, and the proportion increased from 1.3 percent in 2010.
Ho mentioned that the top five product categories that Hong Kong firms export to Middle East, include pearls and precious stones, telecom items, computers, jewelry and watches.
He recommends that Hong Kong exporters interested in doing business with the Middle East should consider exhibiting their products in Dubai’s Dragon Mart first, as it is the largest exhibition area where Chinese goods are sold outside the mainland.”
Shaher Husein joined CSIC/ PassageMaker as a content manager/ import-export trainee in 2012 to fully immerse himself in China and international trade. He has a Bachelors in Business, Management and Finance from Brooklyn College. Shaher speaks English and Arabic and is based in Shenzhen.