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

VOL 15, Issue 04 October 2013

From the Managing Partner - U.A.E.

I am hearing of constantly rising property prices and constantly rising rents. So the establishment of the Rent Dispute Settlement Centre is nothing if not timely. Certainly the proposed 30 to 45 day time limit for final solution will be very welcome to many as will be the finality of decisions regarding disputes of under AED100,000. This is likely to add clarity for owners and tenants alike and can only be a good step forward.

SME is a “buzzword” often heard around town these days so the recent UAE Conference of SMEs and Innovation, and the formal announcement of the British Business Centres in Abu Dhabi and Dubai, are resources much needed. The former hosted delegates from several countries looking to reach out to the UAE in this sector and the recently approved SME Law should assist. Meanwhile, Lord Green, UK Minister of State for Trade and Industry formally launched the British Business Centres, designed as incubators for British SMEs to have a “soft landing” in the UAE for a period of 12 months while they find their feet. These incubators are organised under the British Business Groups in each of the two Emirates.

With the apparent burgeoning economy I am pleased to say that PKF International are holding their International Partners Symposium this UAE next month. Partners from around the world will gather to discuss creation of new business and sharing knowledge. It will be an opportunity for the UAE firm to showcase the attractiveness of doing business here as well as keeping the international firm informed of developments within the country. No doubt time will be made to experience some of the entertainment attractions of the country also! A more detailed review will be set out in the January issue. So watch this space.

Mr. Raju Jethwani, Chairman of Eurostar Group, who is interviewed in this issue, offers profound insights into what makes a business successful and makes it grow. We also have updates on IFRS and on the draft of the new UAE Commercial Companies Law and an update from the Oman member firm with respect to the AML measures introduced for the insurance sector by the Capital Markets Authority of the Sultanate of Oman.

Please feel free to write to update@pkfuae.com if you would like to express an opinion on any matter inside.