A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd.

VOL 15, Issue 03 July 2013

From the Managing Partner’s Desk

Expo 2020 and what appears to be a very strong possibility that it will be held in the UAE, Dubai in particular, has been in the press and on the radio very much, recently. The bid has been bolstered by the UK Foreign Secretary, William Hague and the Mayor of London, Boris Johnson, both of whom were here recently and both have lent their support. The existing infrastructure and the proven ability to create more than what is required, together with the tremendous and harmonious mix of cultures are seen as ideal backdrops to showcase the best that industry has to offer both regionally and globally.

For those of us with businesses here, a successful bid will no doubt result in a period of economic growth. Infrastructural additions bring with it growth not only those directly involved but for all those business that provide goods and services thereto. This will include population growth, providing further impetus to sectors such as education, health, retail and other services.

The recent MSCI announcement regarding the UAE recognising that we are no longer “pistol-packing desperados” in a “frontier economy” will also bring with it increased capital flows as it will put the UAE on the “permissible investment radar” of many institutions globally. Indeed we have already seen an uptick in markets because of this.

We are extremely pleased to feature an interview with Mr. Mohan Valrani, who is part of that select group of trail-blazing entrepreneurs who have contributed in great measure to making the UAE the dynamic business hub that it now is.

We also have updates on IFRS and on the offshore world, featuring Samoa this time, and an update on the changes which have been made to the Executive Regulations of the income-tax law in the Sultanate of Oman.