Kippreport gets insights from Mike Belk, CEO and president of Daimler Middle East and LevantMarch 26, 2015 12:02
Middle East Investors embrace online networking for wealth advice
June 19, 2009 12:00 by Aarti Nagraj
‘Investment’ has been a term used cautiously during the last year. Since the economic downturn began, many of us have kept a close eye on where our money is really going. On a larger scale, investors are feeling the strain as their trust in banks and other corporations continues to fade. Last year investors were forced to ‘help out’ banks as the crisis widened, only to be let down by a series of disappointing products companies claimed would create balance and make money. Many feel that there have been too many broken promises; tax payers are losing their faith in an industry which was once thought of as ‘dependable’.
Because the Middle East region is set for growth, it comes as no surprise Middle East investors are looking elsewhere for advice. However it seems that instead of choosing the standard face to face meetings, major players within the investment markets have started to use online networking sites as a guidance tool for their next business move. The site www.MeettheBoss.com revealed that recent material discussed on the site has been concerned with a number of investment queries between Middle East members who are asking one another for advice across all industry verticals.
In a way it makes sense. If you wish to make a business investment, the easiest way to decide where your money will be safe and hopefully grow is through ‘chatting’ to your peers and other like-minded individuals. Social networking sites allow investors access to a huge portfolio of contacts literally at their fingertips. Previous reports suggest executives in the Middle East have been using social networking sites to communicate with their peers more than many other region; it is interesting to see the region in the midst of growth is now turning to business sites for advice in investment.
Admittedly, finalising investments will not happen overnight on business sites, but what we are seeing is a rise in online communication between high net-worth individuals, discussing with peers and possible business partners about the potential opportunities that are available.
As the economic crisis lingers, investors must find new ways to source trust-worthy information before they can commit to any partnerships. Networking sites need to be used as a tool to gather the information investors require in order to be reassured the decision they make is the right one. Having a broader spectrum of investing individuals to communicate with will essentially widen opportunities.
The question asked by many is can Middle East investors use business networking to begin a global economic upturn?