Firms look to do business in Middle East markets

ENTERPRISE Ireland has seen a surge in the number of Irish companies looking to do business in the Middle East.

Most companies looking to enter these markets are construction firms, which have been hit by the collapse of the industry in Ireland.

Market adviser with Enterprise Ireland Anthony Cahill said: “In recent months, while the number of companies visiting and establishing a presence has increased substantially, we have seen a move away from Dubai and more activity and focus on Abu Dhabi, Saudi Arabia and Qatar.

“Enterprise Ireland has also repositioned its priority markets. Since 2007, Irish product and service exports to the region have been increasing sizeably, particularly to the UAE where services export jumped by nearly 50% in the last 18 months. In the same period, approximately 40 Irish companies established some form or local market presence.”

As well as construction firms, software and education companies have found profitable niches in the region, according toEnterprise Ireland.

The agency is looking to other growth sectors to stimulate export potential for Irish companies in the region. Two of the biggest sectors with growth potential are in cleantech and healthcare, while financial services is also beginning to offer significant opportunity for Irish companies.

However, Enterprise Ireland warns that there is stiff international competition in the Middle East markets at present and there is a significant investment required to establish an operation or office, understand the local business environment and build lasting relationships.

“There is no quick fit solution but long term market commitment and resource allocation to develop business in the Middle East,” said Mr Cahill.

For many companies considering the Middle East, particularly Dubai, Abu Dhabi, Saudi and Qatar, significant research should be undertaken beforehand, he advises.

“Once target organisations have been identified, Enterprise Ireland can assist the company to visit the market place to validate the leads and opportunities that arise.”

Junior trade minister Billy Kelleher will lead an Enterprise Ireland trade mission to Dubai and Abu Dhabi on November 15.