By Firstdespatch Desk Apr 04, 2023
Indian Chartered Accountants are playing a great role in UAE’s growing economy as more than 8,000 Indian Chartered Accountants now manage the financial affairs of large business houses, according to senior government officials, who spoke at a major conference titled: Bridging the Gap: Health and Wealth, organised by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI), which completed 40 years in the UAE.
“With more than 3,100 members in ICAI Dubai Chapter who manage 1,550 large businesses in Dubai, are significantly contributing to the growth of our economy . Chartered Accountants, especially Indian Chartered Accountants, have now become some of the most successful business leaders in the UAE, who are contributing to the growth of our bilateral trade with India that exceeded US$49 billion last year, said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade. He also said that with the signing of the first Comprehensive Economic Partnership Agreement with India, the two-way trade and investment is going to grow further and I’m sure the Indian business community and chartered accountants will play a great role in expanding bilateral economic relations.”
India has recently overtaken its colonial ruler, the United Kingdom, to become the world’s 5th largest economy, he said. Explaining about New India, Sunjay Sudhir, Indian Ambassador to the UAE, said, “8,000-strong Indian Chartered Accountants form the backbone of the UAE economy and being Indian; I'm proud of it. India broke free from colonialism 75 years ago. Modern India is about democracy, judiciary, digital India, startup India. Even in Covid times, India helped and connected the world. “While more than 4 billion people in the world do not have digital identity, all Indians – more than 1.4 billion Indians now have digital identity. This is the new India. The future is sustainable development, and we are currently heading towards that direction,” he said. “We are accelerating our efforts towards a clean and green society. Climate change and global warming can't be dealt with by governments only, it needs individuals to contribute. We have achieved the target of having 40 percent of the energy from non-fossil fuel sources, 9 years ahead of the target.”
The Dubai Chapter of the Institute of Chartered Accountants of India (ICAI), which has emerged the largest overseas chapter of the ICAI with 3,100 members representing 1,550 businesses, has planned an ambitious roadmap for growth in 2023-24 with Sustainable Technology through Innovation at its heart.
ICAI's Dubai Chapter, established in 1982, has grown to become the largest overseas chapter of the Institute of Chartered Accountants of India. Chairman ICAI Dubai Chapter CA Harikishan Rankawat in his address stated, "If you want to go fast, go alone. But if you want to go far, go together," highlighting the importance of collaboration. Rankawat also announced the theme for the year 2023 as "Sustech through Innovation", in line with Sheikh Mohammed Bin Zayed Al Nahyan's declaration of sustainability as the theme for the year. The focus will be on sustainable technologies through innovative ideas.Over the next year, ICAI plans to host more than 40 events, including four conferences, with one dedicated to sustainability. Other conferences will cover topics such as cryptocurrency and blockchain, real estate, and insurance.The International Annual Conference will take place in November, coinciding with the UAE's hosting of the COP28 global summit. In line with the UAE government's 1 billion meals initiative, ICAI will also organize events, including the distribution of Ramadan meals.Rankawat also unveiled the new logo for Sustech through Innovation, emphasizing the importance of wealth beyond material possessions, such as good health, peace of mind, and spiritual growth.
Bollywood star-turned philanthropist Vivek Oberoi captivated the audience with his speech, when he said, “They say, there’s a woman behind the success of a man. I say, behind the success of every business, there’s a chartered accountant. “One of my businesses has two partners – both chartered accountants. They run the business, so I don’t have to do it. If you have chartered accountants in your company, you don’t need to worry. They know how to manage it, especially to ensure the business remains profitable.
Currently the ICAI has its presence in 47 Countries having 45 Chapters and 33 Representative Offices across 77 Global cities. It has its overseas offices in Dubai and Singapore. Of the 8,000 Indian Chartered Accountants active in the UAE’s private sector, 1,400 are currently leading businesses as Chief Financial Officers.
Chartered Accountants worldwide comprise 15 institutes with over 1.8 million chartered accountants and students in 190 countries.ICAI has about 3,51,000 qualified chartered accountants based in India and abroad and 2,00,000 Article Assistants. Further, there are around 750,000 students enrolled in the chartered accountancy courses offered by the ICAI at the moment.ICAI (Dubai) Chapter, established in 1982, is the largest, most active and award-winning chapter among the 45 overseas chapters of ICAI. It has registered a phenomenal growth in membership in recent years and currently has over 3,100 members representing more than 1,550 multinationals and other companies.