ENTREPRENEURSHIP BUS 312
ENTREPRENEURSHIP BUS 312
Environmental scanning of UAE for identifying the scope for new venture
When searching for an entrepreneurial venture it is important to recognize that the discovery is not a result of random actions, it is a structured process that is based on solid observations about how to do something better and different.
Currently, the UAE is experiencing a rapid growth in all areas of political, economic and social development, which creates a very attractive investment environment for local and international businesses. Specifically, the wise ruling of the UAE Government directed towards industrial and technological ...view middle of the document...
The Government is heavily investing into the development of the economy and into financial support of Emiratis, which leads to the fast growth of the living standards of the population and influx of wealthy expats. Local businesses get vast support from the Government, which substantially increases the volume of my business’s target market.
UNITED ARAB EMIRATES |
AE - 8,264,070 population (2012) - Country size: 77,700 sq km |
Capital City: Abu Dhabi - population 613,368 (2012) |
5,859,118 Internet users on June 30, 2012, 70.9% penetration, per IWS. |
3,442,940 Facebook users on Dec 31/12, 41.7% penetration |
The UAE Government invests heavily into the technological development of the country, which ensures fast growth of new technologies.
This creates an increased demand for computer solutions to handle data, clients’ databases and specific software related to the business. This provides better opportunities for my business development.
The recession seems to be over, and the UAE market is gaining speed. The Government heavily invests into business development, which creates a favorable investment climate in the country. Many Western companies invest into the UAE economy opening new business ventures and affiliations.
The Gross Domestic Product (GDP) in the United Arab Emirates expanded 4.40 percent in 2012 from the previous year. United Arab Emirates is one of the most developed countries in the Arab Gulf and has one of world´s highest GDP per capita. The country still has a commodity-based economy, with shipments of oil and natural gas accounting for 40 percent of total exports and for 38 percent of GDP. Yet, in order to diversify the economy and reduce the dependence on oil revenues, UAE has been making huge investments in the tourism, financial and construction sectors. In 2012, manufacturing activity accounted for 42% of output growth, transport/communication for 23%, wholesale/retail trade for 16.5% and restaurants/hotels for 15.5% while construction and agriculture contracted.
The UAE Government is giving a high importance for environmental sustainability of the region. Modern technologies are used in factories and other...