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KPMG First To Launch Japanese Desk In UAE

by Lorys Charalambous, Tax-News.com, Cyprus

17 December 2007


KPMG, the global network of professional service firms has launched its “Japanese Desk” in the United Arab Emirates, which is said by the firm to be the first of its kind in the UAE amongst accounting firms with operations located there.

KPMG's initiative is intended to assist Japanese companies already operating in the UAE and those considering investment in the region. It will aim to cater to their needs 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 revealed that Japan-UAE bilateral trade for the first six months of 2007 stood at almost $18.8 billion (signifying an increase of 4.35%), compared to $18 billion for the same period in 2006.

Akira Moriwaki, Head of Japanese Desk in the UAE, observed that: "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.”

According to KPMG, the launch of the Japanese desk aims to help strengthen economic ties between the two countries.

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.

KPMG in the UAE is a member firm of KPMG International, and has been present in the UAE since 1973. It has offices in Dubai, Abu Dhabi, Jebel Ali, Fujairah, Sharjah.


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