Annual Report_2017-18_FLIPBOOK PRO

ICAI (Dubai) Key Performance Indicators

Category July 2017 - June 2018 July 2016 - June 2017

Number of Technical Events 37 28
Number of CPE Hours 149 125
Number of Online CPE Events
Members' Attendance 2 0
Collective CPE Hours 12,445 10,077
Number of Speakers 53,512 41,939
New Members Added
189 116
1,133 606

ICAI (Dubai) Key Performance Indicators

Category Oct 2017 - Sep 2018 Oct 2016 - Sep 2017

Number of Technical Events 38 31
Number of CPE Hours 146 135
Number of Online CPE Events
Members' Attendance 2 0
Collective CPE Hours 12,675 11,855
Number of Speakers 54,962 46,668

180 135

51

NEW INITIATIVES

ICAI (Dubai) Chapter Radio VAT Games

ICAI (Dubai) launched its radio show “News You VAT Games were introduced at the VAT Open World,
Can Use” on 26 April 2018. A unique radio show that where a live “VAT Bingo” was conducted for members to
keeps the listeners abreast with important news & participate in. Winners were presented with prizes and
views on important matters affecting their daily lives. gift vouchers.
Topics including prevalent UAE laws, government
policies & regulations, innovation, employment, real VAT Cruise
estate, technology, VAT, NRI matters etc. The following
dignatories participated in the programme. H.E. Mr Vipul, For the first time ICAI (Dubai) conducted an interactive
Consul General, H.E. Saud Salim Al Mazruei, Dr. Azad VAT Session on a cruise. More than 15 tax experts
Moopen, Mr Mohan Valrani, CA Naveen Sharma, Mr responded to ICAI members’ queries on different sectors,
Mayur Bhatra, Mr Anurag Chaturvedi, Rizwan Sajan, Ms while cruising over the Dubai Creek.
Juhi Yasmeen Khan, Mr Dinesh Kothari, Dr Shafi Ul Mulk,
Mr Krishnan Ramachandran, Mr Ashish Mehta. New Venues

Online Quiz DUBAI OPERA - “Need of the Hour, Voices Inspiring

The Mega VAT Open Day saw the introduction of the Change” was held at the Dubai Opera on 21 November
“Online Quiz” from the ICAI (Dubai) website and Facebook 2017, which was the first time ICAI (Dubai) was associated
page. The winners were selected at the event by online with an event organized at this architectural marvel.
draws, and were presented with iPads. A similar quiz
was also conducted at the VAT Open World. SHARJAH, RAK & AJMAN VENUES - The first time

VAT Zero Hour ICAI (Dubai) conducted events at Masrah Al Qasba
Auditorium (Sharjah), Ramada Hotel & Suites (Ajman)
A “zero hour” similar to that in Parliament was introduced and Hilton Garden Inn (Ras Al Khaimah).
this year, where an hour long Q&A was conducted at
the VAT Masterclass. Members raised their queries and Oracle Zayed Innovation Hub, the new State of the Art
questions to the expert speakers, who addressed these.
Centre for Artificial Intelligence and Machine Learning of
Oracle Middle East, Building 6, Dubai Internet City, An
event on Modern Finance in Digital Era – Rise of Digital
Chartered Accountants was conducted on 23 Jun 2018.

52

NEW INITIATIVES

INDIAN CONSULATE - VAT Clinic was held at the Indian Unstructured CPE Events

Consulate. ICAI (Dubai) Chapter introduced unstructured CPE hours for its
members by arranging 3 meetings where members can claim
Indian International School Auditorium - ICAI (Dubai) unstructured CPE hours by attending the events.

hosted the Sufi & Qawwali event at the new venue Indian Live Screening of IPL Match
International School Auditorium, Dubai Silicon Oasis.
ICAI (Dubai) Chapter organized IPL play off match screening
VAT Clinics for members and their families

For the first time, the concept of a VAT ‘Clinic’ was Online Credit Card Payment &
introduced by ICAI (Dubai),where at the session, VAT Automation of Receipts
experts addressed VAT related queries received from
members prior to the event, as well as queries from ICAI (Dubai) Chapter started online Credit Card Payment
the audience present at the event. Such clinics were facility for its members. Members can now make their
conducted during November 2017 - January 2018. membership payment throught credit card and the receipt
of the same will be sent to their respective Email ID.
Simultaneous Meetings
Robot as a Part Speaker
ICAI (Dubai) Chapter introduced “Simultaneous Meetings”
this year, when 3 meetings in 3 Emirates took place ICAI (Dubai) Chapter had Robot as a part speaker in its
Modern Finance in Digital Era – Rise of Digital Chartered
simultaneously on the same day. 3 VAT Clinics were held in Accountants event.
Ajman, Sharjah and Ras Al Khaimah on 13 January 2018.

Online CPE Events

The first online CPE event of ICAI was held on 9 February
2018 on VAT. and another one on 9th June 2018. Large
number of members partcipated in the event.

Overnight Residential Camp

An overnight residential camp was held on 15 February
2018 in Ras Al Khaimah where Yoga and other wellness
activities were conducted for members and their families.

53

ICAI (Dubai) BRANCH ACTIVITIES

COACHING CLASSES FOR Intermediate Coaching Classes has been programmed to
EXAMINATIONS start from 1st week of Sept. to cater the needs of May 2019
CA Exam.
• Coaching classes for CA Students
Overseas office, Dubai is spearheading the coaching Final Coaching Class
for CA Students with regular support to the students at Final Coaching Class conducted for November 2017 Exam
regular intervals. with 16 students from August 2017 to October 17.

The office conducted coaching for CPT, IPCC/Intermediate Final Coaching Class conducted for May 2018 Exam with
and Final students where many have benefitted. The 16 students from February 2018 to April 2017.
result of the students who have been facilitated with the
support of coaching has always been very good. November 2018 Final Coaching Classes have been started
from end of July 2018 and attending by 9 students.
CA Results in Dubai Centre
Advanced ICITSS – MCS Course
Nov 2017 CPT (Dec 2017) IPCC Final The 22nd Batch of Advanced ICITSS – MCS Course
Passed 4 12 16 conducted from Feb. 18 to March 18 with 7 students &
9 93 105 the 23rd Batch of Advanced ICITSS – MCS Course with 11
Appeared students undergoing from August 18 at our ICAI (Dubai)
Office.
May 2017 CPT (June 2017) IPCC Final
Passed 5 8 0 Advanced ICITSS – ITT Course
7 89 7 2nd batch of 100 Hrs of Advanced IT Training were
Appeared conducted at ICAI (Dubai) Office during the period from May
2018 to June 2018 and 10 students attended the trainings
CPT & Foundation Coaching Classes and successfully completed their online examinations.
CPT Coaching Class for December 2017 exam conducted
at our Office from Sept. 17 to Nov. 17 and 5 students 100 Hrs of IT Training
attended the same. IT Training course was conducted at ICAI (Dubai) Office
during the month of May to June 2018. A total of 12
Foundation Course Coaching Classes started for students have completed their Advanced IT Training during
November 2018 Exam Office from July and 19 students this period.
are attending the classes.
90 Hours of Orientation Programme
Intermediate Course 90 Hours of Orientation Programme was conducted at
Conducted Coaching Class for Intermediate Students for our ICAI (Dubai) Office at Knowledge village during June
appearing their May 2018 Exam starting from Sept. 17 till to July 2018. A total of 11 Students have completed their
March 18 and 17 students attended for the same. orientation course.

54

ICAI (Dubai) BRANCH ACTIVITIES

Members Courses and gave additional Training for the members with the
Faculty Identification Programme for VAT Course experts to conduct VAT classes for Dubai Office. We are
At the Initiative of Indirect Tax Committee and Dubai regularly conducting VAT courses with the trained faculties
Chapter of ICAI, Faculty Identification Programme has and all the faculties are delivering the class exceptionally
been organised by Dubai Office to select the appropriate good and more members also showing interest to
members as faculties for VAT Course. The same has been participate in such training programmes in the future.
conducted in 2 phases and finally identified 32 members

Certificate Course on VAT Assessment Test on Certificate
Course on VAT
Certificate Course on VAT has been conducted at our Dubai
Office from November 2017 as per details given below: ICAI (Dubai) Office successfully conducted 2 Assessment
Test for the members who have completed Classroom
Period No. of No. of training session on VAT on March and July 2018 and
Batches members details are as below :
Nov. 17 to Feb. 18 conducted participated
March 18 to May 18 Test No. Date of Test Appeared Passed
June 18 to August 18 10 256 1 23rd March 2018 93 92
2 54 45
TOTAL 7 62 6th July 2018

2 26

19 344

ATTENDANCE - MANAGEMENT COMMITTEE MEETINGS

From the conclusion of last Annual General Meeting to date of this report the Managing Committee held 17 meetings and
the details of each committee member’s attendance is given below.

Committee Members Total Meetings Meetings attended Meetings Absent
CA Naveen Sharma 17 17 -
17 16 01
CA Mahmood Bangara 17 17 -
CA Anish Mehta 17 14 03
CA Sundar Nurani 17 14 03
CA Smruti Mishra 17 16 01
17 17 -
CA Dharmajan Patteri 04 02 02
CA Sangeetha Nahar 17 16 01
CA Charu Khurana - Till Nov 15, 2017 13 12 01
CA Anurag Chaturvedi
CA Gopu Rama Naidu - From Nov 15, 2017

55

ACHIEVEMENTS OF ICAI (Dubai)

ICAI (Dubai) WINS THE BEST OVERSEAS CHAPTER AWARD
FOR THE FIFTH CONSECUTIVE TIME

The ICAI (Dubai) won the Best Overseas Chapter Award for the fifth consecutive time.
The award was received by the leadership of the Chapter at the event organized by ICAI in New Delhi.

146 HOURS OF CPE CREDIT FOR 2017-18

The ICAI (Dubai) organized several events during the year, such as open day, workshops,
annual conference and seminars. These resulted in attaining 146 CPE credits during the year

180 SPEAKERS

This year, an array of 180 speakers addressed the ICAI (Dubai) members. These included specialists from
various fields like Finance, Banking, Human Resources, Economics, Artificial Intelligence, Technology etc.

These speakers were from various countries including the UAE, India, USA etc.

12,675 MEMBER ATTENDANCE

The attendance at the ICAI (Dubai) events had footfalls of 12,675 attendees during the year.

1,133 NEW MEMBERS

Over 1,133 new members were added to ICAI (Dubai) during the year.

54,962 COLLECTIVE CPE HOURS

There were 54,962 collective CPE hours during the year.

56

ACHIEVEMENTS OF ICAI (Dubai)

62 EVENTS

ICAI (Dubai) had 62 events during the year.

38 CPE EVENTS

ICAI (Dubai) had 38 CPE events during the year.

REGISTRATION & INAUGURATION OF DIFC OFFICE

ICAI (Dubai) registered under NPIO in DIFC and inaugurated its office.

LAUNCH OF ONLINE CREDIT CARD PAYMENT &
AUTOMATED GENERATION OF RECEIPTS

ICAI (Dubai) started online credit card payment facility and issued automated receipts.

ICAI (DUBAI) CHAPTER RADIO

ICAI (Dubai) started Radio “News You can Use”

COMPLETE AUTOMATION &
DISSEMINATION OF CERTIFICATES

ICAI (Dubai) started issuing online participation e-certificate

57

ACHIEVEMENTS OF ICAI (Dubai)

CERTIFICATE COURSE ON UAE VAT

ICAI (Dubai) was instrumental in starting VAT certification course in the UAE. This is the only
course of ICAI outside India. Large number of members attended the course during the year.

ONLINE CPE EVENTS

ICAI (Dubai) has become the first overseas chapter to launch online CPE Events. It conducted 2 online CPE Events
in the Year. The events were attended by Chartered Accountants globally.

UNSTRUCTURED CPE EVENTS

ICAI (Dubai) started partnering with other professional bodies
and members can now take unstructured credit by attending these events.

SIMULTANEOUS MEETINGS

ICAI (Dubai) conducted 3 meetings simultaneously at 3 different locations
at Sharjah, Ras Al Khaimah and Ajman on 13th January 2018.

MEDIA COVERAGE

ICAI (Dubai) received unprecedented media coverage from all kinds of media which
include television channels in addition to leading English newspapers, Malayalam, Tamil.

Business Magazines, online magazines, blogs cover chapter activities extensively.

58

MEMBERS’ FEEDBACK

Changing The Way Capital Market Open Day
Billions Think & Learn
“Qualitative and
“Excellent session, informative for business”
need more of this kind of session to bring
“All the speakers were good,
Chartered Accountants delivered useful speeches”
out of routine life”
VAT Clinic 1st Edition
“Extremely motivational session”
“All the speakers are excellent,
Masterclass on VAT they spoke with clarity.

“Excellent seminar which gave They were all informative”
basic insights all the sectors”
“All the speakers were very good and “ Excellent in-depth knowledge
we got clarity on most of the points on VAT” on the subject matter”

VAT Clinic 2nd Edition Reel To Real -
Redefining The Idea of Success
“Speakers were well
aware of the subject” by Dia Mirza
“Very good - comprehensive and
good time management” It was an execellet session in which DIA Actually
transcribed her life story from Real to Reel.

The journey was very heart warming and
it really took us to our own flashback of life.
It also taught us a real story that life has un

expected twist and turns.

59

MEMBERS FEEDBACK

Mega VAT Open Day Empowering CAs to Meet
the Challenges of
“The speakers are very
knowledgeable and informative” Digital Transformation
“All committee members are doing a
great work and excellent management” “All speakers were good & having good
knowledge of there domain”
Masterclass on VAT
“Very informative opens and lots of opportunity in
“Knowledge enriched and article intelligence learning”
clarity on subject was good”
“Excellent speech by the speakers” “Shri Rajat Sharma gave a really good interactive
session. Glad to hear him live and his views of
VAT Open World Digital Mirror in INDIA”

“Great selection of speakers and topic” “The event was organized really well”
“Wonderful work by
“Thankful to ICAI (Dubai) Chapter for calling Shri
ICAI committee in organising so many Rajat Sharma for their continuous efforts for the
VAT events in short time period”
well-being of CAs in the country”
What Got You Here
Won’t Get You There Analysis of
Indian Union Budget 2018
“Excellent session, we know
everything but session is really “We wish to attend again and
again seminars in Dubai Chapter”
informative and interactive”
“Excellent speaker to listen “Good selection of speakers”

and get coaching” Changing The Way
“Good arrangements by the Chapter” Billions Think & Learn

“Excellent session, need more of this
kind of session to bring Chartered Accountants

out of routine life”

“Extremely motivational session”

60

MEMBERS FEEDBACK

Vat Returns and Reporting Master Class on VAT –
Post Implementation Scenarios
“Speakers were on point on their topics”
and Compliance
“Mr. Bhandari was insightful in his topic”
“Excellent efforts by ICAI to provide
“Venue is good and can accommodate session covering VAT topics”
huge audience”
“Great content and informative
“Good and interactive session” value adding and engaging”

Celebration of Breakfast Session on Fintech &
International Women’s Day Mergers & Acquisitions for CAs

“It was a proud moment for members to have “Excellent and very good topics were chosen”
an exclusive event on such a wonderful day
of international women’s day, it’s a wonderful “Speakers are excellent and very
moment to get motivation from extraordinary articulate they demonstrated in depth

speakers; all speakers are ultimate” subject knowledge and
answered question brilliantly”
“Venue is very good with great arrangement
thanks to ICAI (Dubai) Chapter. We are lucky “Speakers has deep understanding
to have such management who arrange such of their topics”

events every month from all line of world” “Sound and lighting are perfect”

“Deepa Malik - truly inspiring, “Proud to be a member of a very
had goose bumps listening to her” active chapter keep up the good work”

Study Tour to Bali Seminar on New
International Financial
“Sessions conducted were very good Reporting Standards (IFRS)
& informative”
“ICAI (Dubai) Chapter doing
“Speakers were able to provide detailed very good job in organizing events
information on the topic covered it was
for benefit of members”
communicated in a systematic way”
“Very nice materials and
“Enjoyed both sessions thoroughly good presentation”
learning about Indonesia”

“Very informative and interactive
both speakers”

61

MEMBER RECOGNITION

UAE’s ‘Pencilman’ pledges 100,000
pencils for Kerala Schools

We are proud that CA Venkatraman Krishnamoorthy, has
pledged to donate 100,000 pencils for flood-affected schools
in Kerala, India. CA Venkatraman known as ‘pencilman’, will
also be supporting 50 schools in the south Indian state by
supplying free stationery items and uniforms.
Since CA Venkatraman is also associated with the Emirates
Red Crescent, he has also been working as a conduit
between corporates, schools and charity organizations.
His coordination helped a radio drive collect 7.5 tons of
relief items for Kerala flood victims.
CA Venkatraman is waiting for the situation in Kerala to
stabilize so that he can personally visit the schools and find
out the condition and requirement. He will then choose the
50 schools in the most remove areas to support them.
CA Venkatraman said “Gradually we will be sending colour
pencils, uniforms and more stationery items. So the plan
is to give out items to about 1,000 schools in Kerala by
October end”

62

SPEAKERS’ CORNER

DEREK O’BRIEN

MEMBER OF PARLIAMENT, AUTHOR, TELEVISION PERSONALITY, PUBLIC SPEAKER

Congratulations to you, and all the members of The Institute of Chartered
Accountants of India (Dubai) Chapter on the occasion of your esteemed
institution completing 36 glorious years.
May I take this opportunity to wish you and everyone at ICAI (Dubai) Chapter
all the very best for the 36th year celebrations and all success in your future
endeavours.
With every good wish.

RAJAT SHARMA

PADMA BHUSHAN AWARDEE, CHAIRMAN & EDITOR-IN-CHIEF, INDIA TV

It gives me immense pleasure to note that the Institute of Chartered
Accountants of India, (Dubai) is organizing the Annual Conference which
will be held on the 3rd and 4th May, 2018 at Dubai. I much appreciate the
apt theme for the Annual Conference to be “Evolution Through Innovation”.
Marking its 36th Year of Excellence, I congratulate the Institute of Chartered
Accountants of India, (Dubai) which has set benchmarks in organizing events
which facilitates the professional development of accounting professionals
in GCC countries . I am sure that Institute of Chartered Accountants of India,
(Dubai) will keep on contributing more effectively in order to achieve the
ultimate goal for which it was established.
I also express my sincere gratitude to Institute of Chartered Accountants of India, (Dubai) office bearers for
all their initiatives and wish them all the success for this Annual Conference and all their future endeavors.

DEEPA MALIK

PADMASHREE & ARJUNA AWARDEE, INDIAN ATHLETE -
PARALYMPIC GAMES MEDAL WINNER

Congratulations to ICAI (Dubai) on their 36th Annual Conference. I am
pleased to note the theme of the event “Evolution through Innovation”
which is key to succeed in any role or profession. Evolving, innovating and
working hard has played a major part in enabling me to achieve success at the
Paralympic Games and other events, and I continue working in this direction for
my future endeavors – both personal and professional.
As Finance Professionals who hold vital positions across various organisations,
Chartered Accountants need to update themselves with the latest happenings to be able to grow and
evolve. It was a pleasure to speak to ICAI (Dubai) members in Dubai on the occasion of International
Womens Day earlier this year, and I wish all of you the very best in the future.

63

SPEAKERS’ CORNER

ANAND KUMAR

CREATOR OF SUPER 30, MATHEMATICIAN AND COLUMNIST

It was a pleasure attending and speaking at the programme organised by
ICAI (Dubai) Chapter in November 2017. Though I have been to Dubai on
many occasions in the past, it was a memorable trip where I got to know how you
people have carved a niche so far away from home due to your sheer hard work,
quality and ability to adapt and evolve with the changing times.

Thanks a lot for inviting me and best wishes for all your future endeavors, including
the upcoming flagship event of ICAI (Dubai), the 36th Annual Conference on 3 & 4 May 2018, with it’s
unique theme on Evolution through Innovation. My best wishes to you all.

RITU DHAWAN

MANAGING DIRECTOR, INDIA TV

I am extremely glad to know that the Institute of Chartered
Accountants of India, (Dubai) is organizing the Annual Conference
which will be held on the 3rd and 4th May 2018, marking it’s 36th Year of
Excellence. My heartiest congratulations. I am sure the deliberations held
at the Conference will immensely help the various professionals who will
participate in it.

Chartered Accountants have a critical role to play in our society, as they have
the best accountancy knowledge to guide and safeguard the fiscal rights of
the ordinary citizens of any country. I express my gratitude to Institute of Chartered Accountants of
India, (Dubai) for keeping up t heir efforts. I appreciate the theme “Evolution Through Innovation” you
have chosen for the Annual Conference. I wish it all the success and very best to all the organizers
for all their endeavors and publication of Souvenir on this occasion.

DR. MARSHALL GOLDSMITH

WORLD’S 1# LEADERSHIP THINKER (HARVARD BUSINESS REVIEW)

Thank you for inviting me to share my message for the upcoming
ICAI (Dubai)’s Annual Conference with the theme “Evolution Through
Innovation
I am delighted to learn that Management accounting continues to evolve to
address the challenges of operating in ever-changing and disruptive times by
embracing evolution.
I must congratulate you, as today; you are seen to encompass a more dynamic,
robust and open approach, thus paving the way to facilitate innovation.
What worked in the past gets outdated very fast and does not serve us in the future. I am sure your initiative
is to provide an excellent opportunity to share information within your community in order to help them
make the relevant changes to serve the public interest, even better In future.
I wish you all the very best in your important mission on the turbulent road ahead. Life is good.

64

SPEAKERS’ CORNER

ROB DALLA COSTA

DIRECTOR VAT, KPMG LOWER GULF

We wish to extend congratulations the ICAI (Dubai) Chapter, on its 36th
Year of Excellence. ICAI is globally recognized as a leading accounting
body, maintaining the highest standards in technical and ethical areas and
sustaining best practices in examination and education standards.

In the last year, the ICAI harnessed new opportunities and successfully addressed
the needs of its many stakeholders, particularly given the rapidly changing
tax environment in the UAE. KPMG is pleased to have supported ICAI on its
commitment to continuous innovation and advancement. It has been a great pleasure working with
ICAI over the years and we look forward to continuing to work together in the future. KPMG Partners and Staff.

ROUBLE NAGI

AWARD WINNING, INTERNATIONALLY ACCLAIMED ARTIST & FOUNDER,
ROUBLE NAGI ART FOUNDATION & DESIGN STUDIO

Art, in its many forms, is practiced by almost all human cultures and can be
regarded as one of the defining characteristics of the human species. As
an artist I see the future, and suggest new possibilities through my art. From an
artist point of view you need to Think bigger, Observe more, make connection ,
embrace paradox and keep taking courageous action by experiment and test, to
make an ideas tangible, and to do what nobody has done before. This resonates
with the theme of ICAI (Dubai) Chapter’s 36th Annual Conference “Evolution
through Innovation” , and I wish all the attendees a successful and inspiring conference. My endeavour is
to inspire my audience to be more creative, enlightened, and be inspired by our surroundings, and
able to innovate from the future back. The inspiration to create something beautiful comes from life!

CA. SWAMI NATARAJAN

SENIOR DIRECTOR, ORACLE EMEA

It gives me immense pleasure to know that ICAI (Dubai) Chapter is
organizing 36th Annual conference on 3rd – 4th May, 2018. ICAI (Dubai)
Chapter conferences are in constant endeavor with innovative themes to
streamline and enrich the thought process of all the delegates.

Being a CA by profession and with global experience in IT for past 20 years, presenting
to ICAI on changing role of Finance was like coming back to the family and contributing
to same. Information Technology has evolved in past 20 years and has revolutionized
the way of doing business. In recent times business pattern, strategies, and technology have witnessed paradigm
change. All these changes also bring challenges of sustainability with them. Conference with theme “Evolution
through Innovation” is quite contemporary and apt considering the dynamic business environment globally
and regionally. My best wishes to ICAI (Dubai) Chapter for success of 36th conference.

65

SPEAKERS’ CORNER

CA. RAJIV HIRA

DIRECTOR, BUSINESS ADVISORY, KPI

Evolution through innovation, Evolution is a gradual and consistent
process that occurs due to the presence of creative & intellectual people
who don’t restrict their imagination and believe that every change can make our
future secure and better.

We observed innovation in the financial industry, which made flow of financial
transactions evolve to the new level. Money is now moving from one jurisdiction
to another in just a fraction of minute. This speed of transaction also generated
challenges where the task is to restrict the financial transactions, restrict the flow of bad money i.e. to ensure
compliance to Anti Money Laundering & Counter-terrorist financing (AML/CTF).

There are various mechanisms innovated and in the process of evolution, various steps are taken to ensure
compliance to AML/CTF. Financial industry is getting challenged to innovate and evolve in the process of
compliance for trade and commercial transactions. Indirect taxation plays an important and integral part of
compliance in global markets.

Value Added Tax (VAT) is one of the indirect tax where trail of transaction gets established for every sales and
purchase in the economy, in one way, we can say it’s a traditional Blockchain, which is improving day by day.
This introduction of VAT in the region will help financial industry to take benefit of the change and innovate
to ensure compliance to the AML/CTF, to facilitate risk free global economy and attain sustainable growth.

Let’s work together in the journey of “evolution through innovation”, in growing good business and
achieving sustainable with healthy growth in the UAE, Region & Global economy.

CA. NIRAV SHAH

DIRECTOR - FAME ADVISORY DMCC.

ICAI (Dubai) Chapter has been consistently exceeding member’s
expectations and excelling at all the programmes and courses that they
organise and conduct. We wish the Conference a huge success. We are honoured
to be part of the journey, incidentally, now is the time to really Innovate and
thus propel the evolution journey through cutting edge Innovation.

Theme is aligned with the UAE’s vision to embrace Innovation even at national
level and as part of that Government is taking various initiatives. Its time to bring
Innovation and changes to way our profession has evolved, we expect automation of various audit practices,
technology being used in tax compliance and various such changes to be embraced by the profession.
Thanks a lot for the opportunity to contribute.

66

SPEAKERS’ CORNER

CA. PAVITHRA BALAJI

STATUTORY AND TAX OPERATIONS LEADER, GENERAL ELECTRIC CO.

It is indeed a pleasure to be affiliated to the ICAI (Dubai) Chapter and
participate in the numerous programs run by the Chapter. VAT being a
new concept to UAE, the Institute launched multiple innovative initiatives to help
both industry and the professional community to understand the obligations
under this new tax system. The VAT Clinic, a first of its kind program run by
the Chapter in partnership with Khaleej Times, was a true example of evolution
through innovation, giving members a forum to connect with experts and
discuss the practical application challenges arising out introduction of VAT.

Thanks for the opportunity to be part of this important initiative and for the excellent service to the
members in addressing the evolving professional challenges in a timely manner.

CA. ABDUL RAFEQ

MANAGING DIRECTOR, WINCER INFOTECH LIMITED

I am delighted to know that ICAI, Dubai chapter is organizing Annual Conference
on 3rd and 4th May 2018 with the theme “Evolution Through Innovation”.
I compliment the Chapter for celebrating the 36th Year of Excellence in providing
services. In this era of accelerating digital transformation, as professionals we need to
ask: 1. Are our current Competencies and Skill-sets relevant for the digital age?
2. Is our knowledge still powerful enough to add value, in this google age? 3.
How can we future-proof our career to remain relevant and valuable? In the early
days of computerization, the enterprise and professional focus was on:
• Connecting Business with Automation and • Connecting Automation to Accounting and Analysis.
In this digital age, as professionals, we must focus on: • Connecting Automation to Assurance, Compliances
and Analysis; • Connecting Automation to new Business models, AI and Continuous Innovation.
When the digital transformation impacts our traditional knowledge and skills, for example: • Blockchain could
make accounting, assurances and compliances as we know, Extinct! • Artificial Intelligence could make
business process delivery as we know, Extinct!
The good news is that Human Intelligence of highly-skilled professionals such as Chartered Accountants will still
be relevant. However, our challenge and need of the hour is to empower ourselves with new skills to be future-
ready. We need to learn How to Chart our destination in this new digital age.
I wish all participants of the conference a Great LEARNING Experience and hope the conference provides
the platform to Transition Ideas to Actionable insights for implementation.

67

SPEAKERS’ CORNER

CA BABU JAYENDRAN

IS AUDIT, SAP GRC & AI CONSULTANT

I am glad to note that the Institute of Chartered Accountants of India,
Dubai UAE, is organizing the Annual Conference on 3 - 4 May 2018, with
the theme “Evolution Through Innovation” and a souvenir will be released at
this event.

In the current context of disruptive technologies and digital finance I do believe
that the theme of the conference “Evolution Through Innovation” has been very
aptly selected. There is an immense responsibility bestowed on the CA fraternity
to meet the challenges of a fast changing global business scenario. CAs have to adapt and change through
innovative methods and “out of the box” thinking, in order to excel in the profession. I am sure that the
conference will provide a fertile environment for all delegates to interact with the experts and update their
knowledge, on topics that are relevant to the CA profession. Considering the outstanding organizing abilities
of ICAI (Dubai), I am absolutely certain the conference will be a phenomenal success, on the chapter’s 36th
Year of Excellence.

My best wishes to all the participants and the Chairman & Committee Members of Dubai Chapter for
a very successful conference.

CA DILIP JAIN

ICAI (Dubai), CORE VAT FACULTY TEAM

Evolution through Innovation. Following UAE declaring 2015 as the Year
of Innovation, following by 2016 Dubai Future Accelerators programme,
followed world’s first 3D-printed building in Dubai in May 2016, Tecom Group
coming with Innovation Hub, DIFC bringing regulations on Fintech with
reduced regulations to promote innovation, UAE , specially Dubai has been
on the forefront of evolution through Innovation. With innovation lead by
the government, smart Dubai initiatives have been visible with applications in
wellbeing on its residents. With innovation and startup venture comes venture
funding, seed captal, crowd funding, company valuations and new company listings. All these calls for CAs
to play important role and also provide tremendous advisory opportunities.

ICAI (Dubai)’s Annual Conference on 3 - 4 May 2018, with the theme “Evolution through Innovation is
timely, aptly titled. ICAI (Dubai) Ex-Com has recently started using technology to extend various benefits to
its members. Online CPE events, e learning module, e participation certificates, online quiz, connecting CA
professionals using LinkedIn tools, customized mailers. VAT knowledge sharing through multiple channels
and media presence with chequered execution plan, building vat leaders on way, effective media presence
on vat updates has been a best example of how innovative inclusive planned strategy can bring pride and
visibility to our CA profession. CA is no more just a chartered account but a “Change Activator”
Wishing all the best to our Dubai Chapter.

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SPEAKERS’ CORNER

CA. JAI PRAKASH AGARWAL

MANAGER - ORACLE IMPLEMENTATION, ASTER DM HEALTHCARE

“We didn’t do anything wrong, but somehow, we lost” were the
words with which Mr. Stephen Elop, CEO of Nokia, ended his speech
in 2013. These nine (9) words are enough to justify the theme of ICAI (Dubai)
Chapter for Annual Conference 2018. Nokia, which was one of the leading
brand in early 2000; lost battle to other brands in 2013 due to lack of
innovation. Innovation is key for continuous evolution, else we may end up
with a history similar to Nokia.

ICAI (Dubai) Chapter has been instrumental in innovating new means and ways of adding value to
members and society at large. Witnessing 36th Year of Excellence and being awarded “Best Oversees
Chapter” year after year are self-explanatory achievements of chapter which believes in innovation and
this torch of innovation is getting effectively passed year on year from one committee to another. Kudos
to the current torch-bearers (Executive Committee) of Innovation and wish the evolution continues for
years ahead for the chapter.

CA. MANU NAIR

CEO - EMIRATES CHARTERED ACCOUNTANTS GROUP

Thanking all those who have so dynamically contributed for ICAI (Dubai)’s
– VAT clinic, it was indeed a great honour to be a part of it. ICAI has been
my second family – a member for the last 16 years, associated with ICAI (Dubai)
Chapter for the past 10 years and today being able to witness the 36th year of
excellence of ICAI (Dubai) Chapter is an elating pride.

The rapidity of “Evolution through Innovation” has caught us all. It has unlocked
may unforeseen chaos. It no longer stands as a choice but an embodiment to embrace the evolution with
grace. The transition of the evolved innovation is of vital importance to carry us forward and stay aligned in
this century of constant flux.

Being an active member, alongside the auditor of ICAI (Dubai) Chapter for a consecutive period of three
years since 2015 has progressed me in various ways through its excellence and evolution through innovation
that I could have ever imagined for which, I shall ever remain indebted for the kind gestures showered
to me in all these years.

69

SPEAKERS’ CORNER

CA. ASHWIN DEDHIA

MENTOR - FAME TRAINING INSTITUTE

Individuals as well as Organizations exist to Grow and Evolve. Speed
of evolution can be accelerated through adaptation of a series of
innovations around products, practices and people.
UAE economy is embracing Evolution faster than ever, for Accountants the
one having highest impact is increased focus on Transparency and Visibility
of business transactions in the region. Team of Dubai Chapter responded
faster and suo-moto owned the mandate of up-skilling the members over
VAT (Value added Tax) in the region.

ICAI (Dubai) has lived the theme of this Annual Conference throughout the year, it helped members
to evolve using Innovative ideas to enhance skills. VAT Open-world, VAT Master Class, VAT Clinics, VAT
Cruise, etc. are just a few of the Innovative ways adapted to share, engage and learn. I am glad to be
both the participant as well as contributor in this journey of Evolution through Innovation under
the leadership of CA Naveen Sharma. Wishing greater success ever for the 36th Annual Conference.

CA. DEEPAK AGARWAL

DIRECTOR - VAT, PWC

Reversing paralysis, self-driving vehicles, 3D printing, paying
through your face, 360 degree selfies, artificial intelligence etc. the
list is endless. Innovation is here to disrupt businesses and lives. Many
organizations take pride in claiming continuous innovation, and do not
fear to innovate. Others attribute lack of innovation as the cause of
downfall e.g. Kodak.
Uber is an excellent example which enhanced simplistic mobility experience
for customers through GIS and GPS. Tesla has challenged the traditional utilities. Apple, Alibaba,
Amazon, Facebook, Instagram, Baidu, etc. have had significant influence on the traditional sectors
through innovation.

Innovation is no longer an option; it is a fact of life and here to stay.

As Elon Musk has put is rightly…
“Failure is an option here. If things are not failing, you are not innovating enough.

70

SALUTATIONS TO THE PAST CHAIRMEN

The Institute of Chartered Accountants of India
(Dubai) Chapter (Estd. 1982)

(Late) CA. RUSSI JEHANGIR PATEL (Late) CA. G. BHANDARI CA. ANIL BHARADWAJ CA. S. M. SYED KHALIL (Late) CA. M . A. RAFFIK

CA. V. RAMAN CA. MAHENDRA K ASHER CA. N. R. DOSHI CA. ABBAS ALI MIRZA CA. G. R. MEHTA

CA. V.P. NAGARAJAN CA. HANUMANTHA KUMAR CA. SURENDRA JAIN CA. S. VENKATESH CA. JAMES MATHEW

CA. NANDAKUMAR A CA. RAJU MENON CA. NIMISH MAKVANA CA. PANKAJ MUNDRA

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MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Khaleej Times - 17 Oct 2017 Gulf Today - 17 Oct 2017 Gulf Today - 28 Oct 2017

The National - 1 Dec 2017 Khaleej Times - 4 Dec 2018

72

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Gulf Today - 1 Jan 2018 The National - 3 Jan 2018 The National - 3 Jan 2018

Gulf News - 15 Jan 2018 Gulf Today - 9 Feb 2018 Gulf News - 10 Feb 2018 Khaleej Times - 10 Feb 2018

73

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

City Times - 22 Mar 2018 Gulf News Express - 29 Mar 2018 Gulf Today - 11 Apr 2018

Khaleej Times - 23 Apr 2018 Khaleej Times - 23 Apr 2018 Khaleej Times - 2 May 2018

74

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Gulf News Express - 10 May 2018 Khaleej Times - 23 May 2018

12 May 2018

75

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Gulf Today - 22 May 2018 Gulf Today - 22 May 2018 Gulf Today - 6 Jul 2018

Gulf Today - 20 Jul 2018 Khaleej Times - 2 Jul 2018

76

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Khaleej Times - 1 Jul 2018 Khaleej Times - 20 Aug 2018

Khaleej Times - 26 Aug 2018 Khaleej Times - 29 Aug 2018

77

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

Khaleej Times - 29 Aug 2018 Gulf Today - 1 Sep 2018

Khaleej Times - 6 Sep 2018

78

MEDIA COVERAGE - PRINT NEWSPAPER - ENGLISH

PARTY PATROL

City Times - 26 Jan 2018 City Times - 13 Mar 2018 City Times - 25 Mar 2018

City Times - 11 May 2018 City Times - 15 May 2018 City Times - 5 Sep 2018

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MEDIA COVERAGE - PRINT NEWSPAPER - OTHER LANGUAGES

Gulf Madhyamam - 17 Oct 2018 Mathrubhumi - 17 Oct 2018

Al Bayan - 25 Jun 2018 Al Bayan - 6 May 2018 Al Khaleej - 6 May 2018

80

MEDIA COVERAGE - PRINT NEWSPAPER - OTHER LANGUAGES

Daily Thanthi - 26 Jun 2018 Urdu Akbar

Gulf Madhyamam Siraj - 6 May 2018 Siraj

81

MEDIA COVERAGE - PRINT NEWSPAPER - OTHER LANGUAGES

Chandrika Gulf Madhyamam

Mathrubhumi

82

MEDIA COVERAGE - PRINT NEWSPAPER - OTHER LANGUAGES

Gulf Madhyamam - 26 Jun 18 Siraj - 30 Aug 18

Al Bayan

83

MEDIA COVERAGE - PRINT MAGAZINES - ENGLISH

CEO Middle East Logistics News

Logistics News Read Magazine

84

MEDIA COVERAGE - PRINT MAGAZINES - ENGLISH

Read Magazine Bloomberg - Middle East

Urdu Akbar 999

85

MEDIA COVERAGE - PRINT MAGAZINES - OTHER LANGUAGES

Urdu Akbar

86

MEDIA COVERAGE - ONLINE

Al Aryoum Al Bayan Al Bayan

Allady Queen Arabian Reseller

87

Gulf News MEDIA COVERAGE - ONLINE

Blockchain Advisor

Blockchain Advisor Broadcast Pro Me Arabian Reseller

88

MEDIA COVERAGE - ONLINE

DOT Emirates Dubai Global News Gulf Today

Dubai News El Wehda Gulf Today Dubai New Style

89

MEDIA COVERAGE - ONLINE

Dubai Global News ZAWYA UAE News 24 7

UAE News 24 7 UAE News 24 7

90

MEDIA COVERAGE - ONLINE

UAE News 24 7 Janobiyat Urdu Khaleej Times Debonair

UAE News 24 7 Urdu Akbar Wealth Monitor

91

MEDIA COVERAGE - ONLINE

X Press Gulf News ZAWYA

MENA Herald ZAWYA

92

MEDIA COVERAGE - TV

D News D News

Kairali Media One

93

MEDIA COVERAGE - TV

Media One

Kairali
Republic TV

94

SPECIAL GRATITUDE TO SPONSORS

The ICAI (Dubai) places on record the support being extended by the Sponsors
to all activities of the Chapter for the period 2017-2018.

Title Sponsor

Titanium Sponsor
Principal Sponsors

Institutional Partner
Platinum Sponsors

95

SPECIAL GRATITUDE TO ANNUAL CONFERENCE SPONSORS

Diamond Partner Gold Sponsors

Silver Sponsors

Branding Partner Radio Partner Broadcasting Partner

96

SPECIAL GRATITUDE TO EVENT SPONSORS

The ICAI (Dubai) places on record the support being extended by the Event Sponsors
to one or more events of the Chapter for the period 2017-2018.

Event Sponsors

SPECIAL GRATITUDE TO PARTNERS

The ICAI (Dubai) places on record the support being extended
by the Partners to its activities.

TV Broadcasting Partners

Radio Partners PR Partner Media Partner Branding Partner

Event Partners

97

CONCLUSION

Managing Committee wishes to place on record a fair manner is commendable. He has undertaken
its appreciation and gratitude for the support the task of Election Officer on a completely
extended to the Chapter by H.E. Sheikh Nahyan bin honorary basis and has maintained the position
Mubarak Al Nahyan, Hon’ble Cabinet Member & with grace and dignity. We place on record his
Minister of Tolerance, Govt. of UAE, H.E. Navdeep contribution to this Chapter.
Suri, the Ambassador of India to the United Arab
Emirates, H.E. Vipul, the Consul General of India to We express our thanks to CA. Shailesh Mulki, past
Dubai. member of our chapter, now residing in Canada,
who has been responsible for preparing the Weekly
We also express our sincere thanks and Economic Updates for the benefit of the members.
appreciation to the management and staff of The
Indian High School, Dubai, staff of Bank of Baroda, We also take this opportunity to thank CA. Karuna
Commercial Bank of Dubai, DIFC and Dubai Luthar, for her effort and continuous support
branch of the ICAI for their valuable contributions during the Social Audit of the chapter.
and support in efficiently conducting the ICAI
Examinations. The efforts of the Managing Committee have
been aimed at providing the members a platform
Our heartfelt thanks to the Management of to enhance their professional knowledge through
Emirates Institute for Banking and Financial the various technical seminars, workshops and
Studies for providing their auditorium with state conferences that have been conducted throughout
of the art facilities for conducting events of the the year. The sports, social and entertainment
chapter. events, overseas study tours and CSR activities
that have been conducted provided great learning
It is with immense gratitude that we acknowledge and enjoyment for the members and their families.
the continuous support and parental guidance
provided by the President, Vice President, Secretary, The unstinting support and contribution from the
members of the Central Council of ICAI New Delhi, members have been very encouraging and the
the staff of the International Affairs and other Managing Committee acknowledges that these
departments of ICAI in successfully organizing the have been the main factors that have contributed
Chapter activities. to the success of all the events conducted during
the year.
We also express our sincere gratitude to CA.
Manoharan P. Thulicheri, for auditing the Chapter’s We extend our sincere appreciation to all of you
financial statements on honorary basis. We and look forward to your continued support to the
also place on record our sincere appreciation Chapter activities in the year to come.
to all our Sponsors for supporting us in all our
activities during the year 2017-18. The efforts of Thank you
the Managing Committee were greatly assisted For the Managing Committee of
by various members who served on the Sub- The ICAI (Dubai)
Committees and we thank them for rendering their
services to the Chapter. CA. Naveen Sharma
Chairman
The contribution of CA. Janak B. Panjuani in
ensuring that the annual elections are conducted in

98

ICAI (Dubai) ANNUAL REPORT TEAM

EDITORIAL TEAM PHOTOGRAPHY Venu Chelat CONCEPT & DESIGN PRODUCTION
CA. Smruti Mishra Manikandan Narayanan (Mani) Vaisakh Viswanathan Cajetan Pereira
Joanne Lozanda Chandrahasan Narayanan
V. Venkatraman

DISCLAIMERS
ICAI (Dubai) Annual Report 2017 - 18 is intended for members of the ICAI (Dubai ) Chapter and as such it is not intended to be sold or re-sold by any party. The views expressed in the
Annual Report are solely those of the authors. The Annual Report is a peer-reviewed magazine and does not verify the originality of the content submitted by the authors.

99

ICAI (Dubai) Unit Office 7 , Level 13,
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