Much has been speculated over a considerable number of months regarding the possible content of the awaited revisions to the Commercial Companies Law. Recent and reliable reports appear to indicate that the revised Law, which could be out as early as the year end, will allow 100% expatriate ownership of businesses in certain sectors. Newspaper reports have also indicated that the UAE’s Ministry of Economy is to draft a foreign investment law, which will seek to introduce suitable best practices to regulate foreign investments into the UAE. These are welcome changes and should see an increase in direct foreign investment into the country.

Activity in Abu Dhabi has been picking up pace with various large projects, such as Aldar Properties’ Central Market, Raha Beach, Yas Island, Al Gurm Resort and Surouh’s The gate District, Shams, Khalidia Village and several other projects by these and other development companies. Our Abu Dhabi office has noted a marked upswing in companies entering the market as well as increased activity with existing clients. My own interaction with clients and contacts confirms this buoyant scenario. However one matter seems abundantly clear – the pace in Abu Dhabi is very measured and the consensus seems to be that this is a blessing in disguise. This may be so but there is no denying the business optimism, which generally is a reliable indicator of an economic upswing.

For this edition we had the pleasure of interviewing Mr. Eyad Abdulrahim, Managing Director, Finance for Depa United pjsc, one of the largest and leading interiors contractors in the UAE. We also have articles from Mr. John Alexander, Managing Partner of PKF The Consulting House, PKF International’s hospitality and real estate consulting firm based in the Dubai Media City and from Mr. Hoshedar Cooper, our Director for Management Consulting.

We also have our usual updates on happenings in the Sultanate of Oman and in the Offshore and Free Zone world.

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

GRAHAM MARTINS