A formal licence was awarded by the free zone at the opening ceremony of 27th Annual International Seminar.
The Abu Dhabi Chapter of the Institute of Chartered Accountants of
India, or ICAI, has been awarded a licence by Abu Dhabi Global Markets
to operate out of the financial free zone.
A formal licence was awarded by the free zone at the opening ceremony
of 27th Annual International
Seminar, which was opened by Younis Al
Khoori, Undersecretary of UAE Ministry of Finance; Neeta Bhushan, Charge
d'affaires at the Indian Embassy; and Manoj Fadnis, president of ICAI
New Delhi. Also present were other well-known speakers and businessmen.
The Abu Dhabi chapter was awarded its commercial licence as a company
limited by guarantee and registered with the Abu Dhabi Global Market,
or ADGM. The licence was formally handed over by Dhaher bin Dhaher, CEO
of the Registration Authority at the ADGM, to Fadnis. This is considered
as a milestone achievement for the chapter.
The licence has been awarded to conduct "activities of professional
membership organisations" and is the first such body to be formed at the
ADGM. The chapter has been in existence for 31 years and conducted its
activities related to professional development for the Chartered
Accountant fraternity under the ageis of the Indian Business and
Professional Group. The chapter now stands as an independent entity.
The registration process withthe ADGM was completed within two weeks;
the efficient services rendered by the authority is a testimony that
the ADGM is here to excel.
Bin Dhaher said that the ADGM has started accepting applications for new company registrations.
Fadnis, in his address, stated that chartered accountants are
business solution providers adding value to businesses. They render
qualitative service to the profession and society with high ethical
standards which will bring glory to the Indian chartered accountant
profession.
Al Khoori appreciated the role of chartered accountants in the
accounting and finance function in private and public companies. He said
that good accounting practices further good governance and effective
performance management.
Bhushan, in her address, appreciated the warm welcome extended by the
UAE government to Indian Prime Minister Narendra Modi on his visit to
country in August. She encouraged the Indian community to participate in
the initiatives of the Indian government like "Make in India", "Digital
India", "Skill India", solar initiatives and others.
Abdulqader Obaid Ali, CEO of Smart World in the UAE, addressed the
audience and said that the element of success of any organisation is
good leadership. He added that this is applicable from family to company
and to countries. He also said that you cannot improve without change;
innovation is the key to success. The UAE has declared the current year
as the "Year of Innovation".
In another session, Rizwan Sajan, chairman of Danube Group, told his
success story starting from humble beginnings. Hailing from a small
family in Mumbai, Sajan in his early years had undertaken several small
jobs to support his family back home.
He has also worked in Kuwait before he came to the UAE, having lost
his fortune once in 1991 during the Saddam Hussein's invasion in 1991.
Sajan then came to UAE and started as a broker for the building
materials business when one rejected consignment proved to be his ticket
to a trading business on consignment basis. "There was no looking back
after that," he said.
Sajan appreciated the UAE government for the support provided to
create a very conducive environment for the expatriate community to do
business in the UAE.
He said that the upcoming Expo
2020 will create new opportunities for the people. Sajan started with a
capital of Dh100,000 and is today a billionaire and owner of a business
conglomerate.