December 2006
West Asia & Africa Region
Letter from the Chair

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Indian economy is booming and growing at around 9%. The companies are showing better than expected results. Overall, it is a great opportunity for investors; everything seems to be going right for the Indian markets.

Strong earnings, easing of oil prices and high liquidity are driving markets to record levels. Also, successful bids by Indian companies to take over foreign ones have also given confidence to investors; the perception about the Indian companies in global market is improved significantly due to increased efficiency.

In the Middle East, the booming real estate market added flavor to the West Asia & Africa region. Despite apprehension of asset bubble, realty prices either moved up or remained stable in the last six months.

The well-established tourist sector in Dubai is no coincidence. The Government of Dubai has demonstrated its commitment to this aspect of the economy by encouraging investment in core service areas and the refurbishment of the international airport including introduction of rail network.

Dubai Municipality signed a contract worth Dhs12.45 billion with Dubai Rapid Link (DURL), a consortium of four companies headed by Mitsubishi Heavy Industries of Japan, to build a high-tech, driverless rail transit system across the emirate. Also, Dubai boasts a modern infrastructure including state-of-the-art airport, road network and communications facilities.

The World Bank is considering the unprecedented step of giving funds from
its so-called ‘soft money’ arm directly to small companies in Africa.
The change in lending strategy reflects the World Bank’s recognition that
small businesses can be a strong engine for growth in the economy.

This is the first time that International Development Association money is being used to help business. However, that small businesses (minimum 10 employees or asset or sales of USD 100,000) qualifying for the loans would still need a strong business plan and prospects of turning a profit.

We are looking forward to the Annual Regional Meeting of West Asia & Africa Region to be held on December 11 & 12, 2006 in Dubai.

And I take personal pleasure to announce the celebration of ‘AGN MAK’ Dubai Silver Jubilee on December 11, 2006. I invite and welcome all AGN members to attend the celebration!

Dr. Khalid Maniar
Chairman
West Asia & Africa Region, and
Managing Partner
AGN MAK
E.mail: makdubai@agnmak.com

 

 

 

 

New Member

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NIGERIA
Sola Oyetayo & Co
The firm was founded in 1998 and employs 21, comprising of 3 partners, 11 professionals and 7 admin. staff.  Located in Ikeja, Lagos State, the firm provides auditing, accounting, taxation and consultancy services.  The Contact Partner is: Sola Oyetayo.

Sola Oyetayo & Co
35 Ogunlowo Street
Off Obafemi Awolowo Way
Ikeja
(P.O. Box 70159, Victoria Island, Lagos)
Nigeria
Tel:  (+234 1) 775 0524
Fax: (+234 1) 791 2173
E-mail:  sola@solaoyetayo.co

 

 
Member News

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OMAN
AGN MAK Ghazali
Davis Kallukaran, Managing Partner, has been awarded Certified Fraud Examiner (CFE) credentials.
World’s leading anti-fraud training and education services provider, Association of Certified Fraud Examiners (ACFE), awards the CFE credentials. The expertise of a CFE includes detection of fraudulent financial transactions, criminology and ethics, legal elements of fraud and fraud investigation.

The ACFE’s board of regents awards CFE credential only to select professionals who meet a stringent set of criteria, including character, experience and education.

Davis Kallukaran, according to the ACFE, has successfully achieved this proficiency in the area of financial fraud prevention and detection, and now joins the ranks of over 16,000 business and government professionals worldwide who hold the CFE certification. CFE’s have the skills to examine data to detect and trace fraudulent transactions; interview suspects to obtain information and confessions; write investigation reports; and advise clients as to their findings and testify at trial.

UNITED ARAB EMIRATES
AGN MAK
AGN Mak signs up as Official Auditors for the Middle East Logistics Awards (MELA)
AGN MAK sealed an agreement as the Official Auditors for nominations and votes of the MELA Excellence Awards 2006. Dubbed as the first annual Middle East Logistics Awards (MELA), the momentous event – organised and managed by Media One Group – occurred November 21, 2006, in Madinat Jumeirah, Dubai, UAE. These awards aim to foster a healthy competition among equals in the dynamic and competitive logistics industry.

Dr. Khalid Maniar said AGN MAK is honoured to have been given the task and responsibility to ensure that the nominations and votes cast in the first annual Middle East Logistics Awards will be fair and impartial.

CONGRATULATIONS TO AGN MAK ON ITS SILVER JUBILEE!
The firm marks the anniversary with a celebration on 11th December 2006. Under the leadership of its founder and managing partner, Dr. Khalid Maniar, AGNMAK has found itself going from strength to strength and is considered one of the top 10 multi-disciplinary practices in the region.

 

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