A Quarterly Newsletter from UAE and Oman

VOL 21 ISSUE 2 April 2019

From the Managing Partner – UAE

Welcome to what is my last editorial for PKF Update as I will be retiring from the firm effective 30 June 2019. My partner, Stany Pereira, will be assuming the role of Managing Partner and we will be making other positional changes within the firm going forward. I have seen many changes in Dubai since I took on the role in 2007 – the last two years or so of boom followed by weathering the Global Financial Crisis, the subsequent upswing and now somewhat muted economic environment that companies seem to be experiencing. Consequently, one has had to be suitably agile to manage the varying circumstances and I am pleased to see that the firm is as robust as ever.

Moving on, Abu Dhabi has launched Hub71 to cater to the exploding start-up sector including transport, AI, cybertec, financial services, healthcare, etc., and backed by giants, such as Mubadala, Microsoft and SoftBank, partnering with companies, funds and Government. Start-ups and digital/AI are increasingly becoming a core strength here in the UAE and this will be an added impetus in driving the country forward.

This issue includes an interview with Mr. Michael Mascarenhas, CEO of the Desert Group who, shares his thoughts during a wide-ranging and candid interview. We also have our usual update from Oman, this time covering the recent amendments to the Executive Regulations to the Omani Income Tax law.

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