Is the Middle East a Good Option to Grow My Business?

The Middle East has a sizeable economy with a GDP of USD 1.7 trillion, and is expected to rise in importance as it uses the resources it earned from oil and gas to diversify its economy. The Middle East has a population of approximately 47 million, spread across 2.6 million square kilometers. The Gulf region’s young population is a major driver of medium-term growth, as it will lift consumption in the years ahead. The average per capita GDP is USD 36,000.

In fact, Qatar, one of the countries in the Middle East, has the highest per capita GDP of the world, at USD 93,700.  The Middle East controls not only almost 40% of world oil reserves, but also almost 40% of global financial reserves. The Middle East is an important trade partner for not only the US and Europe, but increasingly for Asia as well. The Middle East is also ideally located, with its proximity to Europe as well as Asia. No wonder the Middle East remains a magnet for international investment.

Reasons why InternationalInvestment is flowing to Countries such as Bahrain

1.       Diverse Economy

Countries such as Bahrain have a more diverse economy now, thanks to government efforts from 1960 onwards, in the case of Bahrain. Bahrain is a regional hub for Islamic finance and banking in general. It is also a center for professional and technical services, with the many MNCs located in Bahrain. Other vibrant sectors include real estate, consultancy, logistics, manufacturing, aluminum, education, medical care and tourism.

2.       Supportive legal framework

a)      Bahrain has no corporate income tax, no personal income tax, no wealth tax on capital gains, and no withholding tax. There are only a few indirect taxes. In addition, free repatriation of capital, profits and dividends is allowed.

b)      The whole of Bahrain is open to business, with no restrictive “free zones”. Bahrain is the only nation in the Gulf offering 100% foreign ownership of business assets and real estate across most sectors.

c)       The Bahrain Chamber of Dispute Resolution provides best in class arbitration and dispute resolution facilities.

3. Supportive government

The government provides free and valuable assistance to new businesses, helping them to analyze all the aspects of setting up a business. This can range from preparing cost estimates for the business, to formulating a business plan, creating a sales strategy and so on. This support continues even after the business is up and running.

Is The Gulf Economy Strong Enough After the Oil Price Dip?

The gulf economy grew steadily since the 1960s, thanks to its huge oil production capabilities. The gulf has become one of the wealthiest regions in the world, owning to its massive oil reserves. The region has maintained the pace of development with the rest of the world, with ultra-modern cities like Dubai, Doha and Manama coming into existence.

Oil prices started to plummet since the summer of 2014. The OPEC crude oil price averaged $49.49 per barrel in 2015, and fell to $29.90 per barrel by June 2016. With demand for oil declining, inventory started to pile up. The OPEC decided to cut back prices in order to get rid of the inventory. However, this backfired and the OPEC economies suffered severely. What was first thought of as a small phase of low prices continued well into 2016.

In the wake of weakening economies, the most important question for expatriates became whether or not GCC jobs were really worth it?

Should You Seek GCC Jobs?

It is true that the gulf economy has been hit by the plummeting oil prices. This is because oil exports contributed a major share of the region’s GDP. However, economies of countries that are less dependent of oil have still been doing well. Bahrain was one of the first gulf countries that started oil exploration. However, after realising that it cannot completely depend on oil for its growth and development, it started to diversify. Its oil sector contracted in 2015, mainly due to low oil prices. On the other hand, all other sectors expanded, in particular hospitality, social, personal services and construction.

As of 2016, Bahrain has one of the strongest and oldest financial structures in the entire MENA region. It is also home to a highly developed transport and communication system, making it home to some of the biggest multinational firms in the gulf. In 2006, Bahrain introduced Labour Market Reforms and has been continuously addressing issues related to employment of locals and expatriates.

Bahrain is a preferred destination for GCC jobs due to a host of factors. The laws and regulations are highly favourable to expatriates, whether it is taxation or property rights. It also has one of the most liberal laws and culture. Although the gulf as a whole has been hit by sliding oil prices, this can also be seen as an opportunity for the GCC countries to strengthen their economies through the growth and development of other sectors. 

How Big Is The Middle Eastern Market From A Business Perspective?

The average real GDP for the MENAP region stood at 2.8% in 2014 and 2.5% in 2015, according to the IMF. The MENAP region was adversely affected by the oil price dip; however, the IMF has projected a quick recovery, forecasting annual GDP growth at 3.1% for 2016 and at 3.5% for 2017.

The gulf economy is characterised by a general notion of being oil dependent. Moreover, with oil prices plummeting since the summer of 2014 and gulf economies taking a hit, they are not being viewed positively for business prospects. However, it is important to note that not all gulf countries are alike and the prospects of growth and development are still very bright in certain nations. The entire region is characterised by economies that stand at different levels of development.

The State of the Gulf Market

Despite the stereotypes associated with the region, the GCC market is experiencing rapid consumerisation and increased demand for manufactured goods. One of biggest advantage is its strategic location. Its location allows for smooth global trade. Moreover, the GCC countries are also well connected through road, water and air.

Bahrain holds the window to the entire GCC market. Setting up a business in Bahrain can get you significant exposure to rest of the GCC countries. Saudi Arabia is just an hour by road, while Qatar is 25 minutes by air. Not only have the gulf countries come a long way from just being oil producers, but they have also encouraged private business owners to participate in the region’s growth and development model. The GCC countries have taken special initiatives to encourage foreign investment which includes hassle-free paperwork, free and easy repatriation of capital and profit as well as liberal tax laws.

The diversification of the gulf economy has opened up newer avenues for budding businessmen. Some of the key sectors apart from oil and gas are finance, housing and infrastructure, construction, healthcare services, financial services, education, information and communication technology and tourism and aviation. If you are planning to set up a business in the gulf to tap into the growing demand in the GCC market, Bahrain is a great option.

Bahrain not only enjoys a strategic location, but is also equipped with modern infrastructure. It has implemented laws and regulations for ease of business. It boasts of a highly educated labour force. Moreover, it has bilateral agreements with more than 40 different countries giving it the required edge. Bahrain also has among the most liberal laws and culture. 

The All New Toyota Land Cruiser 2016

Toyota revealed the 2016 Land Cruiser (LC) facelift in August 2015, according to an article published in Drive Arabia. The company enjoys a major share on the Saudi market with some of the models being favourites among the masses. The LC is one model that has been selling in the region for a long time. A facelift was much needed to include technological advanced features that make the model all the more desirable.

What’s New?

The model is available in the original three engine variants, the 4.0 litre V6, 4.8 litre V8 and 5.7 litre V8 engine. However, the exterior and the interiors have been enhanced to truly match the needs of a modern SUV.

The 4.0 V6 engine is mated with a 5-speed automatic/manual gearbox. It generates a maximum power output of 271hp and torque of 385Nm. It offers a fuel economy of 12.9-13.4 litre/100 km. It can go from 0-100 kph in 9-9.8 seconds and offers a top speed of 200 kph. The 4.8-litre V8 engine is mated with a 6-speed automatic gearbox. It generates a maximum power output of 304hp and torque of 439Nm. It offers a fuel economy of 13.6 litre/100 km. It can go from 0-100 kph in 8.5 seconds and offers a top speed of 200 kph. The 5.7-litre V8 engine is mated with 8-speed automatic gearbox. It generates a maximum power output of 362hp and torque of 530Nm. It offers a fuel economy of 15.7 litre/100 km. It can go from 0-100 kph in 7.0 seconds and offers a top speed of 220 kph.

Compared to its previous version, the 2016 model gets a new grille, LED headlights and a new bumper design. This makes it look sleeker and more powerful. The rear also gets its share of re-design, with new taillights and bumper. The alloy wheels are also a new addition.

As for the interiors, new soft-touch materials have been incorporated while some of the materials have been made thicker to provide better fit and finish. It also gets a 4.2 inch instrument cluster. The high-end models get a 9 inch display for the infotainment system as well as 12V power outlet and a wireless charger. The ample interior space is an added bonus.

The all new Land Cruiser is out there to give you the most luxurious SUV experience. Test drive the new version today and feel the change for yourself.

Picking the right incontinence underwear

Are you happy with the incontinence underwear you currently use? If not, it’s time to switch to a better alternative.

Most people who suffer from urinary incontinence and sudden leakages deal with the problem in stoic silence. Not wishing to embarrass their family and friends, they curtail all social activities and always stay close to places that have easy access to a restroom. Long drives, lunches with friends, drinks with the partner, movie dates with their children…all of these become memories of the past as they choose to stay home.

But urine leakage and incontinence need not spell the end of an active life. In fact, it need not take away from one’s quality of life in the least. For this, it is important to use the right incontinence products so that the person may develop the confidence to venture out of the house again. With time, the person may remain out of doors for longer periods of time, getting back to the life he or she was familiar with.

Most people buy adult diapers to deal with sudden urine leakages. These are shaped and worn like underwear, and are often generically referred to as ‘depend underwear’. They are highly absorbent and rapidly soak away the leaked urine. They may be made of rubber and lined with absorbent straps on the inside, or have adhesive belts to hold an absorbent pad in place. Other kinds of depend underwear feature a stretchable belt with a pad slung on the underside – the pad can be adjusted by pulling on the belt as per waist and hip girth. These can be worn with or without the usual underwear.

Whatever the kind of incontinence underwear you choose, it must be pliable, soft and highly absorbent. The material normally used is cotton because it is soft and non-irritating to the skin. The skin that the underwear comes in contact with is quite delicate, and prolonged contact with the incontinence product can cause chafing and reddening. Irritated skin might also develop its own set of infections.

Long use of the same incontinence product is not recommended. Though the product absorbs urine and repels it away from the skin, it is still present in the underwear and must be discarded soon. You may choose to wear long stay underwear when on a drive or during a flight, but for other occasions, you can opt for disposable underwear. This type of underwear is to be worn for short durations only, and discarded after a single use. 

You can also use skin creams and lotions that soothe irritation and chafing. Special absorbent powders also help keep the dampness at bay. All in all, the product you choose must keep you comfortable and must be invisible at all times.