BEYOND EXPO 2024 | Unlocking Opportunities and Embracing the Unknown in the Middle East

Business leaders attending the Middle East Oasis Forum at BEYOND EXPO 2024 shared valuable insights on combining creativity with strategic confidence, highlighting their experiences in accelerating sustainable development and dynamic economic growth in the region.

Panelists for “Confidence Through Imagination” included moderator Andre Kwok, Founder of Good City Foundation and Chief of Staff of Zeng Group, Jackson Zhang, Assistant Chairman and International Affairs Manager of Deep Rock Group and Biosphere 3, and Yaming Xu, Director of Tomorrow City Research Institute at Smart City Expo World Congress.

Navigating the Middle East market with confidence and humility

Xu said there has been a big change in the mindset of Chinese entrepreneurs in recent years.

Historically, Chinese business leaders have looked up to Western companies and focused primarily on the American and European markets. But the rise of China and the success of infrastructure development strategies such as the Belt and Road Initiative are giving Chinese entrepreneurs new confidence in expanding their business globally.

Xu said that while such confidence is beneficial, it can sometimes lead to arrogance, and entrepreneurs need to develop “a more mature and balanced worldview, recognizing the importance of understanding local history, culture and economic conditions when expanding into new markets.”

Xu also expressed optimism about the younger generation of Chinese entrepreneurs, adding that they have broader experience and an open mindset, making them better equipped to navigate the complex global business environment.

However, Xu warned other entrepreneurs to pay attention to the changes in the world and not get stuck in outdated thinking. Successfully expanding globally requires not only self-confidence, but also understanding and respect for diverse markets and cultures, he concluded.

“On our Middle East expansion journey, humility and respect are our guiding principles,” Xu said. “With a balanced worldview and openness to diverse cultures, we forge connections across borders to ensure lasting success and mutual prosperity.”

Confident in business in the Middle East

Zhang said that Chinese companies going global should develop strategies to integrate resources and form corporate communities to better cope with challenges in overseas markets. He highlighted that Deep Rock Group is leveraging its experience in green building and energy management to upgrade and transform rural areas.

Zhang further noted that Chinese companies entering international markets must be confident in their global expansion, and need to thoroughly prepare and understand the cultural nuances and business environments of their target markets.

To illustrate his point, Zhang cited examples such as Deep Rock Group’s involvement in the Masdar City project in the United Arab Emirates. Zhang said he has noticed a change in the mindset of Chinese entrepreneurs, shifting to a more global perspective.

But Zhang also urged investors to pay attention to socio-political events in regional countries: Egypt is currently facing political challenges under a military regime, Libya, blessed with abundant oil resources and high per capita income, prospered under Gaddafi, and Iran, densely populated and well-educated, has high unemployment.

“My understanding of these three countries is limited, but I believe Iran maintains a positive attitude towards Chinese investment,” he said.

Zhang reiterated that investors should “leverage the power of confidence coupled with cultural sensitivity” when embarking on businesses in the Middle East.

“Understanding regional nuances and embracing diversity paves the way for meaningful cooperation and sustainable growth in international markets,” Zhang said.