The paper "Business Customs and Practices" is a great example of a Marketing Assignment. The family is the most important situation because the population in Saudi Arabia champions cultural homogeneity. The family forms the primary basis of status and identity for the immediate focus of loyal individuals in relation to a tribal affiliation (Zaman, 2011). In addition, Arabic culture and religious teachings define the way social institutions should operate towards fulfilling their different requirements. On the hand of social organizations, the UAE understands the importance of supporting social requirements and the government has championed numerous projects and assistance that assists humanitarian organizations, orphanages, charities, and other social organizations. Education System Ministry of Education manages the education system up to the secondary level, which consists of middle schools, primary schools and high schools (the United Arab Emirates, 2013).
The Ministry of Higher Education manages higher education and admits students to undergraduate institutions. The primary language that is utilized for teaching is Arabic while students are encouraged to take English as a second language. In 2007, 91% of the population was literate. Political/Legal system UAE is a federation that is based on absolute hereditary monarchies.
Federal Supreme Council governs UAE, and the council is made of seven emirs of Umm al-Qaiwain, Ras al-Khaimah, Dubai, Fujairah, Ajman and Abu Dhabi (Katzaman, 2010). The president is from Abu Dhabi while the prime minister is from Dubai. The legal requirements are governed by the Constitution of the United Arab Emirates that confers liberty, equality, and rule of law. Business customs and practices The time of business is between 8 am to 1 pm and then, the businesspersons wait for temperatures to cool down and continue with business from 4 pm to 7 pm (the United Arab Emirates, 2013).
In addition, Islamic and Arabic holidays should be observed and business etiquette should be monitored throughout the business period. Religion, language, and aesthetics Islam is a major religion while the major language is Arabic (King, 2008). The people of UAE champion the different periods and encourages the teachings of Islam in ensuring the social and cultural requirements are monitored and followed. Economic Analysis Discussion of population/Labour Force The population of the United Arab Emirates is 5.4 million.
The unemployment rate is 12.9% in 2011 while ion 2012 was estimated at 4.6%. The main industries that support the labor force include plane-building, textiles, handicrafts, fertilizers, cement, fishing, aluminum, petroleum, and petrochemicals. The estimated rate of inflation in 2012 was 1.4% while the public debt was 40.6% in 2012 (the United Arab Emirates, 2013). Economic statistics and activity In 2012, the budget of UAE was $360 billion and it is the 30th highest budget across the world. UAE is among the fastest-growing economies in the world whereby the nominal GDP rose from $360 billion in 2012 compared with $298 billion, which was reported in 2011 (the United Arab Emirates, 2013).
This accounts for a growth of 20.8%. Investment opportunities In 2011, the United Arab Emirates is ranked as the fourteenth best nation in the world because of regulatory and economic environment. In addition, numerous business options exist that ranges from energy to hospitality. This means it is easier to start a business in the United Arab Emirates. International trade statistics Some of the main import products include transport and machinery equipment, food and chemicals while export goods include natural gas, dates, dried fish, re-exports and crude oil.
Exports account for $300.6 billion while imports account for 220.3 billion in 2012 (the United Arab Emirates, 2013). The main export partners include Thailand, Singapore, India, South Korea, Iran, and Japan while the main imports include Japan, India, United States, China, and Germany.
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