This article will analyze how to write business risk assessment paper for organizations based in UAE, through this well written paper/guide you will gain free tips on how to plan one.
Business-risk assessments distinguish possible perils and their results. Most of the
Organizations applies these procedures to help eliminate business risks, create solutions as well help get insured for issues that becomes incontrollable.
Demographics
We begin this process of understanding how to write risk assessment paper by Analyzing demographics in UAE. With a population of 9.89 million, the United Arab Emirates has a male predominance of 69% and a female predominance of 31%. Locals, who make up 11.84% of the population, are Emiratis; the remaining people are primarily from other ethnic groups, including Indians (27.39% of the population), the Philippines (5%), and Egyptians (5% each). In the UAE, there are 10.110 births for every 1,000 people, and there are only 2 deaths for every 1,000 people. The United Arab Emirates has an infant mortality rate of 5.3 per 1,000 infants. In the United Arab Emirates, 79 years is the average lifespan.
Building tall, glass-encased structures that dot the skyline is synonymous with the United Arab Emirates. Large cities in the UAE, including its capital Abu Dhabi and Dubai, among other emerging cities, have grown as a result of increased oil and tourism money. Additionally, the necessity for a thriving building industry has been created by the rise in population. UAE’s population is expanding at a rate of 3.1%, which is higher than the global rate of population growth of 1.2%. Immediately after that, the building industry-driven 4.9% economic growth rate followed. The value of its construction projects in 2018 put Dubai ahead of other global cities like London. Due to the rise in tourism and the general population, there is a greater demand for retail stores, office buildings, and residential structures. Additionally, the need for business and residential space has surged due to temporary foreign employees. Another significant endeavor in the UAE is infrastructural development. This is a product of the Expo, which has been a major driver of regional megaprojects.
Places like Dubai and Abu Dhabi are popular tourist destinations that draw tourists from around the world. Because of this, there is a greater demand for high-rise structures to be built in order to accommodate the hotels and housing these tourists now need. In the UAE, where most buildings are made of glass, tourism has an impact on both the design and type of structures. Many construction projects in the UAE prefer to use glass as a building material because it offers occupants protection from the scathing desert sun and excellent views of the city skylines. Since tourism is the target market, its demographic makeup has a significant impact on the construction business in the United Arab Emirates.
Business Ethics
Arabs have a high belief in the value of building trust in interpersonal interactions. Before attempting to operate any kind of business in the Arab world, one must be sure to take this into account. A lot of companies are run by families. The decision to be made is frequently whether it is a male character or simply the oldest and wisest one available, the “head” of the group is regarded as making crucial decisions. Arabs are known for being extremely forthright about who those people are, and they view any challenge to their authority as being highly rude. Meetings should not be scheduled on any Islamic festivals, such as Eid, or at any time when people are supposed to be praying.
Due to the Arabs’ strong attachment to their religion, this is a very significant ritual inside the UAE. To avoid any misinterpretations or any kind of disrespect toward the level of importance that they accord to their faith, it is vital to comply with these principles. In the Americas, handshakes are used often in commercial settings. While it might be so in this country, the Middle East most definitely isn’t one of them. Shaking a woman’s hand or a man’s hand in the other direction is viewed as extremely insulting. Religious teachings are quite important in this as well. If a greeting is required, placing one’s hand over their heart and bowing their head to say hello is sufficient.
Corporate social responsibility, commercial ethics, and philanthropic cultural norms all have a significant presence in the United Arab Emirates. Involvement in society and kindness are encouraged by Islamic beliefs. In the UAE, community welfare is essential and collectivism is crucial. Most of the time, gifting customs and corporate ethics are closely intertwined. In this nation, CSR and corporate ethics are seen as cultural obligations as opposed to business strategies. Islam’s core doctrines and the modernization of business procedures coexist. Sharia law, the moral code of Islam, governs business because Muslims make up 80% of the population in the UAE. In the commercial practices of UAE enterprises, zakat is both highly influential and vital. To develop the community as a whole, it is necessary to offer financial assistance to those who need it. CSR is heavily associated with zakat and regarded as a religious obligation. To adhere to the Islamic zakat principles, one-third of enterprises in the UAE take part in CSR. As it was already mentioned, the majority of Emirati businesses view business ethics as giving back to the community. Although there is still a long way to go before the UAE reaches the same levels of CSR awareness as Europe or North America, more businesses are beginning to include it in their business plans.
Ease of Doing Business
Based on “Ease of Doing Business,” the UAE was placed 26th out of 190 countries in 2016. Additionally, they are the first Arab nation to be acknowledged in the category “Ease of Doing Business for the Year of 2016” In terms of trading across borders, the UAE ranks fifth out of 183 nations. By organizing the implementation of risk-based inspections, the UAE has successfully simplified construction licenses. They have also moved forward with restructuring the last joint inspection. This procedure entails obtaining a completion certificate. Since investors and entrepreneurs form the foundation of sound economic planning, the Emiratis make a big effort to emphasize their significance. They are ranked fourth in the world for obtaining electricity, therefore they won’t have any problems with difficulties relating to electricity. When it comes to drastically reduce the time required, Emiratis have also significantly improved their situation. One is required to obtain a new electrical connection by implementing a new plan that includes strict timeframes set for the purpose of assessing applications, conducting inspections, and installing new meters. Additionally, they have compensation plans ready for their staff members in case of a power outage or any other calamity.
70% of the global total can travel less than eight hours to get to the UAE. Doing business in the nation is simple thanks to its quick growth, advantageous location, and welcoming culture. The UAE ranks 1 in the region and 16 internationally for ease of doing business, according to a World Bank assessment from 2020. The UAE ranks third for acquiring building licenses, ninth for enforcing contracts, and tenth for registering property. It is also the most accessible region for obtaining power. Running a business in the UAE has many advantages, including; a tax system in which there are no income taxes for individuals or businesses a reputable financial center robust and effective leadership.
Business Etiquette
One must consider their corporate culture and protocol, which is in some ways very different from that of the West if they want to bargain well in Arab nations. The traditional cultures of the Arab nations are founded on the tenets of their respective religions, Islam and Christianity, but they are also dynamically changing, assimilating the social mores of developed nations. Foreign entrepreneurs who visit these nations find this mixture challenging to comprehend. When visiting the UAE, it’s important to use common sense, show some basic etiquette, and behave politely. As an illustration, both society and religion place a high value on honoring elders. It is customary to always greet a group of people in a way that shows respect for their seniority. Yet being on time is not regarded as a talent or in any other way as a positive trait. While being on time for a work meeting or shift is required, it’s equally crucial to be patient and display no signs of agitation or contempt if you find yourself in a situation where someone else is tardy in any way. Arabs place a high value on hospitality. It is practically a given that you will be able to choose from a selection of snacks when you enter an Arab person’s home. A light Arabic coffee scented with cardamom spice is one option among these, as is sweet, milk-free tea, coffee or tea made in the Western way, and so on. Since refusing can be seen as rude and disrespectful, you should take at least one cupful.
While figuring out how to write business risk assessment paper, one must understand that United Arab Emirates is a state with a significant Muslim population. It is a union of smaller city republics where Islam is the official religion and is practiced by the majority of the populace. The UAE’s consumers are very particular and high maintenance by nature due to their lifestyles and socioeconomic level, hence business etiquette is very crucial. For the purpose of preparing for upcoming formal meetings, it is beneficial to be conversant in Arabic and to be able to follow appropriate boardroom conversations. It will be simpler to enter the market if you are ready for these challenges because people in the United Arab Emirates are used to haggling. Additionally, it’s important to follow the proper dress codes because they are strictly enforced in the UAE, especially for women’s clothes. Women are not permitted to wear miniskirts. Contrary to western culture, business handshakes are not necessary for the UAE unless the local proposes the handshake.
When compared to other parts of the world, where first meetings must be organized at least a week or even a month in advance, an organization in the Arab countries might occasionally be more last-minute. However, this can vary from country to country and even from business to business. A few days prior to the meeting, contact to confirm the appointment. Avoid booking meetings too far in advance. When it comes to the specifics of gatherings in the Arab world, it is important to keep in mind that punctuality can mean very different things to different people. Be prepared for a rival to be up to 30 minutes, perhaps even longer, late. It is simpler to go along with the rhythm than to get impatient since time passes in a different, more laid-back way. However, as a courtesy to your host and to avoid any misunderstandings, it is advised that one, the visitor, arrive on time. In the Arab East, meetings are frequently organized extremely differently. As opposed to most Western business procedures, which have a firmly linear tendency, one might anticipate a far more circular structure. There may not be any agendas. After the typical 5 minutes of chit-chat, the topic of business will be raised and addressed. It is likely that the most senior person in the room will be in charge of guiding the conversation.
Even in what seems to be a private meeting, interruptions are frequent. As part of the drawn-out practice of a work meeting in the Arab world, it should be expected that more employees or guests will enter the office or room to seek signatures or advice, phones will need to be answered, and emails will need to be checked. The Middle East’s fast smartphone adoption has made this component of a meeting there more challenging. Even when they are sitting and speaking with a person face-to-face, Arabs are very open to checking and conversing on their smartphones. Be ready for it and try not to become irritated or offended.
Laws and Regulation
Several important laws and regulations are needed to ensure that businesses are not engaging in deception and that real estate transactions between developers and purchasers are conducted smoothly, especially as real estate development in the UAE region increases as it becomes a more desirable and attractive area to invest in by many people worldwide. As investors from all over the world are aware of the value of Dubai real estate, Dubai is one of the most alluring regions in the UAE to invest in. As a result, the government of the Emirate of Dubai passed a number of rules governing real estate for investors and purchasers.
Foreign investors were formerly not allowed to invest in real estate or own land or buildings in Dubai. The State Government has made it possible for foreign investors to rent or lease property for the last ten years. The State Government of Dubai must give its approval for any property lease that is longer than 99 years. The Dubai State Government also passed a rule requiring all developers to open an escrow account for each project in order to receive buyer funds, which must only be used to pay for the project’s development costs, and to register themselves and their projects with RERA.
Another set of laws or regulations that were put in place to define the conditions under which the buyer might cancel the sale of a contract due to the developer’s breach in any of the following circumstances:
1. If the developer deviates from the Dubai Real Estate Regulatory Agency’s recommended practice of linking payments to building milestones.
2. If the operator drastically changes the building’s design or features as agreed upon
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