As many readers will know, the headline above is the name of a book published over two decades ago in the UAE.
The book promised to look at ‘cross-cultural considerations for business and life in the Gulf’ and attempted to guide foreigners doing business with – or within – the Gulf through some important points of social and business etiquette.
Whether the publishers will decide to change the name now that the UAE has adopted the traditional western working week of Monday-Friday remains to be seen, but the change itself is a huge step towards making the UAE an even more vibrant centre for business and finance.
Speaking to some insurance industry players in the UAE about the change, there is a strong view that the change was long anticipated and much needed.
As any insurance or reinsurance specialist who has to deal with other geographies on a regular basis will attest, working across different time zones can be a real challenge – and that is putting it mildly. Pretending to be alert and engaged as the dials on the clock creep towards midnight while the other parties on the Zoom or the telephone call are still swilling down their breakfast coffee and bagels is no fun at all.
And so the UAE’s move is to be applauded as a very necessary step in ensuring that ‘doing business’ with the nation is made even easier. There seems little doubt that the change will help DIFC entities more than any other – as the regional centre for insurance and reinsurance activity.
Of course, by itself, such a change would have a more limited impact if it was not accompanied by many other developments such as the introduction of ‘golden visas’ – all geared to making the Gulf state more competitive – under the banner of ‘Projects of the 50’.
This is a series of developmental and economic projects that aim to accelerate the UAE’s development and transform it into a comprehensive hub in all sectors and establish its status as an ideal destination for talents and investors. ‘Projects of the 50’ covers economy, entrepreneurship, advanced skills, digital economy, space and advanced technologies.
Combined, these moves should help ensure that the insurance sector in the UAE is ahead of any other Gulf states that may have a wish to establish rival finance and business centres.
Without doubt, the DIFC has an enviable first-mover advantage – having been a central part of Sheikh Mohammed bin Rashid’s vision of building a modular economy based on independently-run free zones such as DIFC, Knowledge Village, Dubai Internet City, Dubai Media City, Healthcare City, Gold and Diamond Park and many others.
Whether the change to the working week will put the UAE out of lockstep with the rest of the region remains to be seen – but it is more than possible that other nations will be watching with interest to see how it all pans out – and whether they, too, may wish to look at navigating the delicate issue of the religious significance of Friday as a day for prayers.
Paul McNamara
Editorial director
Middle East Insurance Review