If you’re running a small business anywhere in the Gulf, the chances are you’ve never had it tougher. Red tape, licence fees, the cost of visas and the lack of insolvency regulations are all combining with the difficult economic conditions to create an environment where even the hardiest entrepreneurs are thinking of pulling the plug.
Last week’s sentiment survey from Gulf Finance, which surveys small businesses in the UAE on a quarterly basis, made for refreshingly honest reading. Looking through the responses, it wasn’t easy to find any cause for optimism. From orders to payment collection, and from confidence to the ability to raise finance, respondents reported a significantly worse quarter than the one before.
The survey’s results chimed with comments made recently by entrepreneurs and commentators brave enough to speak out about what they see as problems facing the sector.
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