From the Managing Partner's Desk

Recent press reports indicate that the UAE Commercial Companies Law (No. 8 of 1984, as amended) is headed for a major revamp. While it is expected that the revamped law will contain provisions relating to holding companies and subsidiaries, and share offerings (IPOs et al), there is speculation that expatriates may be permitted to own a majority stake in limited liability companies. With the UAE being a signatory to the WTO, the revamp was expected and is bound to further accelerate the astounding progress being made by the country. We wait with bated breath.

We thank both, Mr. Sultan Al Hajji, Deputy General Manager - HR & Admin, Total ABK who agreed to contribute to the Guest Column and Mr. Jean-Marc Lourau, General Manager of Gyma Enterprises FZE who agreed to be interviewed in this issue. We also profile Mr. Uday Ved, a partner in our Indian associates, RSM & Co.

Practically everyone appreciates the value of a brand to the success of a product but not many may have thought of the value of a brand to a hotel chain. In the article inside, Michael Prager, a veteran hotel industry professional, gives deep insights into what constitutes a brand and how brand affiliation decisions could be taken.

The update on Oman features the Salalah Free Zone and the 'creditable' work being done by the Export Credit Guarantee Agency to promote exports from the Sultanate. The Free Zone updates features the recently announced Dubai Studio City and the world-class infrastructure which will soon be made available to media and film production companies. The offshore update features the key proposals in the Isle of Man budget for 2005-06.

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