There must be some awfully corrupt shenanigans selling stuff out there so. No wonder the Chinese telcos run all Dubai's backbone infra, those guys are old hands at liberally distributing "incentives" to patriarchal organizations to get their way.
Ever heard of the term “hawala?” Originates from this region.
https://web.archive.org/web/20161228041941/https://www.treas...
The gist of the article just seems to be that the business environment in Dubai is (shocking!) different from that of India, with people needing different things. I don't quite understand or agree with the "competing with the best in the world" though, it just seems like the money people in Dubai just expect you to be better dressed, more presentable, and form a personal relationship before business deals.
The modern YC startup philosophy of ‘make something people want’ seems to be only partially true. There’s this whole world of coffee dates, relationship building and salesmanship which always feels slimy to me.
Luckily this is an era where it doesn't matter much
I rarely meet with investors or anything like that, but when I do, not dressing up is a test. If they judge me for what I wear, beyond basic cleanliness, we're not a good fit for working together.
Trust removes friction. Having an informal network of trusted peers makes everything easier. You get access to expert knowledge, helpful connections and opportunities simply because you're a friend. They also come to you when your knowledge is relevant to their task.
I just see it as another community, except this one is centred around an industry. It's no slimier than introducing single friends to each other, borrowing tools from a friend, fixing a friend's computer or tipping them off when a flat frees up in your building.
In my case, it means that I can call upon the knowledge of an immigration lawyer or a financial advisor for free. It also means that they get dozens of clients from me because they're my go-to experts.
For example, if you view building a business that people want as a challenge, those requirements will vary from place to place and time to time, so finding that out is super important!
Interestingly, I've always viewed the Indian business environment as one that requires a lot more relationship building than (say) a place like the valley, but this article seems to imply that the UAE probably views us the same way I view the US ecosystem...
The other point of “networking”, I don’t know how you could even make a business without networking, why this is shocking to OP?!
There are better angels and early stage funds in India, but these guys couldn't differentiate themselves in the now increasingly competitive Indian VC scene.
The cream of the crop of early stage startups in India tend to go to YC, Peak XV, some university alumni network programs, Antler, and a couple others.
Dubai investors (Khaleeji, Indian, or Russian) are looking for a "dhandha" - not a business.
Any story that can't be easily translated into an "arbitrage" or "commodity" play just isn't going to land with them.
Abu Dhabi has fairly good growth stage investors, but that's also because they tend to let the money managers and investors remain in London, SF, NYC, etc.
You're better off remaining in the Indian market, or if you want deal flow abroad, then building relationships in the US, ASEAN, UK, or Australia unless you're a "VC" who's trying to land a Dubai Golden Visa in order to evade taxes back in India (these kinds of personas tend to overlap with the kinds who run real estate or export/import "dhandhas" back in India).
With that said, I don't really agree with the parent comment here, but I don't know enough about business practices in Dubai so I may be wrong.
Real life example: a petty smuggler I knew had his younger brother run the shop, while he himself ran the “dhandha.” This was in the 80s when buying original CDs and Nike shoes needed you to know the right shop in South Delhi. The elder one knew all the Hong Kong and Singapore dealers, the right customs agents while the younger just sold the goods.
kylehotchkiss•3h ago
needSomeCoffee•2h ago