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Statutory Audit
We conduct an integrated audit, which combines the financial statement audit,independent and objective assurance on financial information, transactionsand processes.
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Limited Review
We offer services relating to reviews of historical financial informationby expressing negative assurance on such historical financial information.
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Agreed Upon Procedures
We engage with organisationsto perform specific procedures and report findings to conform to their needs.
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the development of an appropriate implementation roadmap.
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Business Consulting
Grant Thornton UAE provides organisations with implementable plans that drive sustainable growth strategies to grow and optimise their business performance.
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Business Risk Services
Organisations need to understand risks thoroughly to be able to manage them better. Grant Thornton UAE helps businesses achieve the best balance between minimising risk exposure, optimising profitability and developing compliance review checklists.
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the region equips our professionals to support financial institutions comply and abide by the set of regulatory mandates throughout the rapidly evolving ecosystem.
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M&A and Transactions Advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with strategy, identifying risks, executing deals, and helping to unlock their potential for growth and value creation.
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Restructuring Advisory
Grant Thornton UAE is committed to realising value for shareholders, in a way that recognises and supports the interests of all stakeholders. Our solutions maximise value, provide clarity and direction, and accelerate recovery and transformation for businesses.
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the power of technology, Grant Thornton UAE helps organisations define and identify growth opportunities to achieve value-driven transformation and innovation.
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an increasingly regulated environment requires stringent governance and compliance processes. Grant Thornton UAE helps organisations navigate challenges and crisis with a hands-on approach coupled with the use of technology.
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the years, to become one of the key strategic aspects of any business. It is imperative that all organisations, irrespective of industry sector, engage with their stakeholders and prioritise ESG practices to unlock sustainable growth opportunities.
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
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Incorporation and PRO
We provide guidance and help with setting up new entities in the UAE’s mainland and all the UAE free zones, as well as re-domiciliation of companies in the UAE. Our team drafts the needed legal documents and interacts with government authorities on various regulatory matters.
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HR & Payroll Services
HR & Payroll Services
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Outsourcing Advisory Services
Outsourcing Advisory Services
Strategic challenges highlighted for the UAE insurance sector
What insurance companies need to do to embrace market changes
The Insurance sector in the UAE has recently shown signs of being impacted by changes in economic conditions and lowering oil prices which have stalled investor confidence. “With new regulations introduced in January 2015 by the UAE Insurance Authority, insurance companies are still going through the challenge of adapting to the new regulations whilst aiming to remain resilient to economic conditions” said Samer Hijazi, Partner and Head of Financial Services for Grant Thornton UAE.
Grant Thornton have identified five key areas that Insurance companies must fortify and guard against in the UAE to embrace changes in the market condition which include infrastructure and cost, customer interface and distribution, capital and scale, people and regulation.
“The UAE insurance industry is going through a fundamental change in regulation. The question arises whether individual insurance companies have the appropriate risk management infrastructure in place to manage this transition.”
Samer continues that “changes in the regulatory environment may lead to a number of challenges for Insurance companies in the UAE, however by increasing regulation within the sector it will result in short term challenges, which have pro-longed gains for the sector. Ultimately, high quality regulation can only result in greater confidence in the insurance companies amongst consumers and counterparties.”
Insurance penetration per head in the UAE is relatively low compared to some of the more mature markets in the West. As a result, room for growth is large but with fierce competition spread across a large number of firms and brokers, some consolidation in the industry is inevitable. With this in mind, Samer states that “the demand for Islamic insurance products such as Takaful, seems to have high potential for growth but is currently at a low base, creating the possibility of rapid growth in volumes.”
Although the sector is going through a period of change and competing in adverse economic conditions, the insurance sector must act now to address the strategic dilemmas that it is exposed to – to further shield and protect the sector from any unforeseen changes whether economic, political or social.
To read strategic dilemmas in insurance click here [PDF] [ 1607 kb ] [ 1606 kb ].