On 1st of May this year, we are completing our 30th year in Dubai and the United Arab Emirates. To coincide with this occasion, the PKF European partners meeting was held in Dubai on 26th & 27th April. On 26th evening, we hosted a reception for our clients and friends to celebrate this event.
My memory goes back to 1976, when Dubai was a small town of some 250,000 people but the vision of His Highness, the late Sheikh Rashid bin Saeed Al Maktoum, the then Ruler was much bigger. He had a very simple principle. Give people freedom to do business without Government interference and keep the bureaucracy and laws as simple as possible. Soon, Dubai started attracting all levels of businesses and businessmen.
That was the beginning of our journey, of Ratan Mama & Co and Pannell Kerr Forster. I must pay tribute to our founder the late Mr. Ratan S. Mama, who had the vision to set up the first overseas branch of the Indian firm. Like all pioneering ventures, the establishment of our office here had scores of people both in India and Dubai, doubting the wisdom and practicality of the decision - especially since Dubai was and is a tax free city and no standardized accounting procedures were required. However, Mr. Mama's vision, hard-work and integrity paid off. He was brilliant and always energetic and on the move - he worked hard and played hard for he loved life and what life had to offer.
Back in 1977, Ratan Mama and Co. became the exclusive correspondent firm of PKF International and a full member firm in 1980.
The Commercial Company's Law was introduced for the first time in 1984 and the audit of limited liability companies became mandatory. In 1986, the Jebel Ali Free Zone was established, the first Free Zone in the UAE and the Gulf. With the expansion of Dubai's economy, our office also started expanding, and soon we opened in Abu Dhabi and in Sharjah, followed by Jebel Ali Free Zone and the Dubai Internet City.
I take this opportunity to thank the Rulers of the Emirates - for their vision and their support to the expatriate community. I want to thank our clients - who continue with us through all these years. Without them, we would not have been where we are today. I would like to thank PKF International with whom we have been associated for the past 28 years, for their support and continuous guidance.
A company is only as good as its people and we have been blessed and lucky to have a team that is loyal, conscientious and dedicated. I thank them and hope they will grow with us as we grow over the coming years in this booming phase of the region's economy.
In this issue we have exclusive articles and our usual updates.
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