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

VOL 19, Issue 1 January 2017

From the Managing Partner’s Desk

“After a short seasonal break, I would like to wish you all a very happy and prosperous New Year. In talking with clients and contacts, generally the environment seems to have been challenging for most but with some bright patches.

The recent agreement by both OPEC and non-OPEC countries to restrict oil production thereby increasing talk of a deficit at some point in 2017 should positively impact prices and hopefully investment expenditure in the region. Conversely, however, the recent Fed rate hike combined with the possibility of up to three more increases in 2017 can have a dampening effect on corporate results. The increasingly strong dollar can also affect tourism and tourist spending here as the Dollar-Dirham peg makes things more expensive. On top of all this is the uncertainty caused by the outcome of the US presidential election and the impact that new policies may have in the region. Whilst some of the election rhetoric has been toned down, what happens in the US very often has a knock-on impact here.

Our interview this time is with a young entrepreneur – Adeeb Ahamed, the dynamic CEO of Lulu Financial Group who also has interests in the hospitality, food and beverage, and retail brand sectors. Adeeb shares his views and also provides some insight into the factors contributing to his growth.

Interested readers may want to take a close look at the article by our Dubai-based director, Vinod Joshi, which discusses the requirements set out in the revised audit report standards which will be effective for financial statements for periods ending on or after 15 December 2016. We also have our usual updates on Oman, and the offshore and free zone world.
Please feel free to write to update@pkfuae.com if you would like to express an opinion on any matter inside.

GRAHAM MARTINS