UAE - Japan bilateral trade growing at almost 5% annually

Dubai, 13th December 2007 - KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, launched today its "Japanese Desk", the first of its kind in the UAE amongst the accounting firms. This is KPMG's proactive initiative to help Japanese Companies already operating in the UAE and those considering investment in this region.

KPMG's service will aim to cater to the needs of more than 300 Japanese companies operating in the UAE by providing J-Sox Services, new business set-up support services, feasibility studies, transaction support and Islamic Financial advisory for Japanese Financial institutions and companies planning to issue Islamic bonds.

A recent report underlines the fact that Japan-UAE bilateral trade for the first six months of 2007 stood at $18,788.63 million (signifying an increase of 4.35 percent), compared to $18,006.02 million for the same period in 2006.

Akira Moriwaki, Head of Japanese Desk in the UAE stated "The spectacular increase in Japanese exports to the UAE highlights the rapid economic growth within the GCC region. Moreover, the UAE remains the largest export market among the Gulf region receiving 35.2 percent share of Japan's exports."

The launch of "The Japanese Desk" comes in line with this positive market trend and will help to strengthen economic ties between the two countries. The new initiative will proactively assist Japanese companies to set up and operate in the UAE.

Japan, the land of the rising sun, is a leading exporter to the UAE with 25.5 percent of the market. A significant proportion of the Japanese companies operating in the UAE are located in the Free Trade Zones with a major focus on re-export, new investments, operations in infrastructure, and real estate.

-Ends-

About KPMG:
KPMG in the UAE is a member firm of KPMG International and has been present in the UAE since 1973 and has offices in Dubai, Abu Dhabi, Jebel Ali, Fujairah, Sharjah. With over 500 professional staff, 16 partners and access to a wide network of professionals around the globe, KPMG is recognized as a key player which adds transparency to the audit, tax and advisory value chain.

KPMG AZSA & Co is currently the biggest accounting firm in Japan with over 3,500 staff. In addition to that, more than 400 Japanese-speaking KPMG professionals are present in 49 cities around the world.

KPMG International is a Swiss cooperative of which all KPMG firms are members. KPMG International provides no professional services to clients.

More Information:
Shondra Bowie
KPMG in the UAE
T + 971 6 517 07 07
F + 971 6 572 37 73
E-Mail: ShondraBowie@Kpmg.Com

Jumana Akkawi
Buchanan Middle East
T +971 4 369 8569
F +971 4 369 8556
M +971 55 8808523
E-Mail: jumana.akkawi@buchananme.com

© Press Release 2007