Organized by Auditors Business Group

Dubai, May 28, 2006:

Dubai Chamber of Commerce & Industry (DCCI) hosted on Saturday, the International Accounting Seminar, Organized by the Auditors Business Group that operates under the umbrella of DCCI.

Mr. Abdul Rahman Al Mutaiwee, Director General of DCCI, inaugurated the seminar, with the presence of Mr. Atiq J. Nasib - Director of Business Development Department and Mohammad El Khateeb - Manager of Business Development, Mr. Abas Mirza Chairman of Auditors Business Group and Mr. Eyad Farsakh, Secretary General of the Group, Ms. Safiya Al Haj- a member of the Auditors Business Group along with more than 200 auditing and accounting companies' heads in Dubai.

Al-Mutaiwee said: "DCCI's sponsorship of this seminar organized by the Auditors Business Group comes within the Chamber's commitment to handle the subjects that direct influence the UAE national economy and fall within the framework of the support DCCI delivers to business groups in order to play the role required towards the sectors they represent."

He said that the significance of this seminar, that it handles the utmost topic related to business in general, as accountancy plays an important role in economic modernization, capital mobilization and stable financial markets.

The DCCI director pointed that the organizing of the Auditors seminar is part of the Group's efforts to develop the accountancy as a profession and elevate its services to go with the international economic variations, accountancy as a profession in the UAE especially that this profession started to gain the importance in the light of the economic openness, trade and services globalization, requirements for opening the markets to international competition.

He added that the DCCI initiative of establishing the Auditors Business Group, among other 17 Business Groups operating under the umbrella of DCCI, reflects the significant importance of this profession as the backbone for any business activity. According to the DCCI database, the number of the auditing firms registered within this activity reached 47, another 26 firms are registered under the activity of accounting and bookkeeping.

Abbas, Ali Mirza, Chairman of DCCI's Auditors Group said that an extensive progress had been made towards adopting International Financial Reporting Standards (IFRS) in the UAE over the last couple of years, but this progress was achieved as a result of adopting "best practices" only and not through a legal act, except the banks, as they should follow certain criteria under directives from the central bank.

Ms. Safiya Al Haj- a member of the Auditors Business group said that the UAE is growing at a tremendous pace. Taking into consideration the projections for growth there is a strong need for monitoring, controlling and managing these expected developments. All over the world, the growth of the developing and developed economies has been facilitated and accelerated by the contribution of independent and autonomous bodies of management and finance professionals, which act as regulatory bodies in the respective spheres of activity. A similar frame-work of statutory institutions is necessary to develop a 'UAE Inc', which could propel UAE as a global power, by building an atmosphere of openness and competition.

Eyad Farsakh, Secretary General of the Group said that a number of local and international financial and legal experts have participated in the seminar through delivering and discussing significant presentations.

He said that the seminar has highlighted the need for principles and application guidelines and interpretations that take into account regional and cultural issues.

We need to set best practices and accordingly there is a need for a strong professional association of accountants with statuary backing and code of ethics, there is a need for continuing education and training programs. Farsakh added.

-Ends-

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© Press Release 2006