A Quarterly Newsletter from UAE and Oman

VOL 21 ISSUE 3 July 2019

From the Managing Partner – UAE

managing-partner

Greetings! This is my first editorial as Managing Partner of PKF in the UAE. I bid warm farewell to Graham Martins as he steps down and wish him the very best in all his future endeavours.

I have been privileged to have participated in the phenomenal progress of PKF in the UAE for over three decades as attested by a growing and loyal clientele from diverse sectors. Encouraged by their unflinching confidence, PKF has succeeded in meeting and indeed surpassing the expectations of our clients. We have exciting plans this year to allocate resources to extend our range of services. With valuable contribution from each of our staff members, I am confident that we will continue to replicate our growth well into the foreseeable future.

There have been many interesting and encouraging developments in the UAE that reflect initiatives taken by the government to bolster economy and business. The recently introduced GOLD CARD long-term residency visa scheme for investors, is bound to improve the positive business sentiments in the country. This would also help real estate market growth and facilitate price stabilization. A series of initiatives including funding support for small and medium enterprises, creation of an AED 4 billion fund to encourage R&D and incentives on electricity tariffs for industries have been recently announced by Abu Dhabi Government to boost economic growth and diversification. Further, the UAE Cabinet of Ministers also approved up to 100% foreign ownership in 122 economic activities across 13 sectors in the first week of July. Covering sectors from agriculture, healthcare, construction and renewable energy, this move is tailormade to push the economy in a positive direction. With UAE releasing its own Economic Substance regulations in April 2019, this will bring about seismic changes in the way businesses are structured in the region, as well as, globally in the near future.

This issue includes a heart-to-heart interview with Mr. Samir Chaturvedi, CEO of KIZAD Free Zone in Abu Dhabi and an alumnus of Harvard University with wealth of professional experience in the region. We also have our usual update from Oman, this time covering the New Excise Tax Law.

Please feel free to write to (update@pkfuae.com) for expressing your opinion on any matter contained in the newsletter.

STANY PEREIRA