Local Business

Accounting future looks positive in UAE: Experts

(Staff Report)
Filed on September 9, 2012

SHARJAH The future of accounting profession looks very positive in the UAE and the Middle East, according to industry experts.

The profession is quite important across the world and it will continue to grow in the country and GCC as well, they said at an accounting and auditing event held in Sharjah on Saturday.

Organised by the UAE-based ‘OpenThinking’, it was an open forum of accounting and auditing ethics from basic management to business process improvements and intricate decision-making policies.

The big picture is that the future of accounting profession should be very positive as all of the regional economies experiencing growth, Association of Chartered Certified Accountants (ACCA) Middle East head Stuart Dunlop told Khaleej Times on the sidelines of the event.

“We need to see Gulf nationals coming into the profession,” Dunlop said. “We live in Arab world, so we need to see more boys and girls in this profession from this part of the world,” he added.

Dunlop mentioned that total members of ACCA in the UAE are around 1,000 but less than one per cent are nationals. There are 15-20 per cent members from Arab word.

Another panelist Soha Ragab, vice-president — Abu Dhabi from CFA Emirates, said: “We really need to regain the lost confidence of investors.”

The panel discussion on ‘The Future of Accounting Profession’ was also attended by Karim Abd-Elhay from Institute of Management Accountants (Dubai Chapter); Saif Mohammed bin Abed Al Mehairi, chairman, UAE Accountant and Auditors Association; and Esmat Fahimy, executive director of Talal Abu Ghazaleh, Dubai Office.

Fahimy mentioned that profewssionally qualified people are needed for senior posts in this profession. Responding to a question, he said certification and professional experience both are required for full fledged accountant. “Despite 30 years in this profession, I am still learning,” he added.


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