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Whether you’re planning a start-up business or considering international expansion into the region, there are a number of key steps to follow in order to successfully enter the UAE market. In a complex economy where trends evolve very quickly, the only way to develop and maintain a competitive advantage is with a robust business plan that has been structured based on a sound understanding of the market; identifying your competitors and the factors that influence consumer spending, determining how your product or service will fit into the current market conditions, and understanding the profitability of your business.

In this article, Abigail Cuthbert, Business Development Executive at PRO Partner Group, explores the key stages involved in developing a successful market entry strategy in order to establish a profitable business in the UAE.

1. Carry out in-depth market research

The UAE market is complex and unlike most other countries in the world. There is a diverse range of nationalities and a real culture of innovation that is being spearheaded by recent government initiatives, meaning that trends evolve very quickly. Naturally, this all has significant implications for businesses trying to establish themselves in the region, and ventures that are successful in other countries aren’t necessarily profitable in the UAE. As such, market research is a vital stage of setting up a business in the UAE and planning your entry into the Middle East market.

In its most basic form, market research is defined as gathering, analysing, and interpreting information about a segment of a specific market. The aim of market research is to determine how your product or service is likely to fit within the current market conditions, and will include research about your competitors and the needs and preferences of your target consumer.