Michael Makdah, Director of Market Intelligence at The Private Office of Sheikh Saeed Al Maktoum, has presented business opportunities in the United Arab Emirates (UAE) to Filipino entrepreneurs in the Philippine Economic and Investment Summit (PEIS) during the 9th edition of the Philippine Property and Investment Exhibition (PPIE) 2023.
Given the large number of overseas Filipino workers in the UAE, surpassing the one million mark, the country has become an attractive destination for Filipino entrepreneurs to start up their ventures.
With this, Makdah shared his “transformative journey in becoming an entrepreneur and an expat in the UAE” and how to navigate the process of setting up a successful business as an entrepreneur.
From understanding the business culture and choosing the right business structure to securing funding and building a strong network, Makdah’s topic centered on “Embracing Opportunities: The Journey of an Expat Entrepreneur in the UAE.”
According to Makdah, one of the key aspects of being an expat entrepreneur in the UAE is the opportunity to forge new connections and build networks.
“As expats, we bring a unique set of skills, experiences, and prospective into the UAE. We’re not only contributing to the country’s economic growth, but also fostering cultural exchange and creating an environment of learning and growth for both locals and expats alike,” Makdah said in his presentation.
“The diverse population of the UAE consist of over 200 nationalities, presents a unique opportunity to collaborate with professionals from a wide range of industries and cultural backgrounds,” he added.
Makdah shared that the UAE has worked diligently to create business friendly environments characterized by state-of-the-art infrastructures, strategic geographic location, and a stable political climate.
This makes it an ideal place for entrepreneurs to grow their businesses and to achieve their goals. He noted, however, the challenges that expats can face in the UAE.
“As an expat entrepreneur, we must also be mindful of the challenges that come with operating requirement. It’s crucial to understand and respect the cultural and social norms of the UAE and engage with the local community in a positive and meaningful way,” Makdah explained.
“Another challenge that expats can face is the need to adapt and be flexible in the face of change. The UAE is a rapidly evolving country and as such it is essential for us to stay ahead of the curve and be prepared to embrace new opportunities and technologies as they arise,” he added.
The UAE is known as a “hub for innovation and growth” which makes it an attractive destination for entrepreneurs and expats from around the world.
“Being an expat entrepreneur in the UAE is a unique and rewarding experience. It presents us with unparalleled opportunities for personal and professional growth, as well as the chance to contribute to the development of the thriving and innovative nation by respecting the local culture, embracing diversity, and fostering collaboration we can build a brighter future for ourselves and the UAE,” Makdah concluded.
His presentation covered the essential talking points to help Filipino entrepreneurs chart their path to success in the recently concluded PPIE 2023 that was held from May 12 to 13 at the Radisson Blu Hotel, Deira Creek, Dubai. It is the largest and longest-running property and investment exhibition in the Middle East and has gathered thousands of attendees from different emirates with a notable presence of high-level delegates from the Philippines and the UAE.
