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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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Financial 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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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
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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
Family owned businesses: Embracing an ever changing business environment
Hisham Farouk
03 Apr 2014
Family owned businesses within the UAE represent a large proportion of the business demographics in the region. These businesses were established by visionary leaders and entrepreneurial families when the UAE was still in its foundation. It was a land of virgin opportunity and within 43 years, the Nation has emerged as a key geo-economic player on the world pedestal.
The city of Dubai has witnessed a fascinating transformation with development of industries such as leisure & hospitality, trading and logistics, light manufacturing and real estate & construction that add to its growing economy. The city has one of the most fluid migration rates in the world, houses the tallest tower, recently won the Expo 2020 and builds and endorses “bigger, better and bolder” than anywhere else.
Along with the visionary leaders of the country, this growth has been supported by family owned businesses who have continued to grow along with the country. Now we are helping support them for the next stage, which is essentially: how to sustain and adapt the business to the new economy with a new generation of leaders and visionaries.
A key focus will be on institutionalizing the legacy and building new strategies to meet the opportunities and challenges of a new dynamic market. We are already seeing many family businesses investing in strategy and operational efficiency as well as expanding into regional and global territories. IPO’s are also a considered alternative, which may be a good consideration, but it’s not the only way. Companies can modernize without necessarily going public.
They have to ask themselves the question: why are we going public? The advantages are that an IPO will strengthen governance, help raise capital, and might assist expansion plans, but an IPO itself will not do all those things. Look at BMW, one of the biggest companies in the world. It is still a private company.
Family owned businesses need to ensure the next generation are well versed and prepared to take the business on so that it can develop into a dynamic business which will allow it to continue rising during the ever competitive business environment which is emerging. The business environment no longer warrants the number of years that a business has been active for, with greater competition and new business startups emerging with founders coming from around the world, it is imperative that family owned businesses begin to think more innovatively. This is essential in order to continue the legacy that saw Dubai and the UAE emerge as the Nation of possibilities.
