ICAI Abu Dhabi gets licence from ADGM

Abu Dhabi - 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.
- haseeb@khaleejtimes.com

• Abu Dhabi