Crowe UAE wins 'Best Tax and Audit Service Provider'

DUBAI: Crowe UAE was named ' Best Tax and Audit Service Provider in UAE' at the 2019 Global Banking & Finance Awards, an event that reflects the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.

It recognises companies of all sizes, which are prominent in particular areas of expertise and excellence within the financial world.

Dr Khalid Maniar, founder and managing partner, said: "Teamwork is essential to success and growth. The truth remains that the firm' success is not one person's effort, it is a collective effort of individuals working for a common goal."

In relation to the financial world, he added: "Lately, there has been a lot of mergers and acquisitions in the banking sector in the Middle East. The UAE's banking sector is overbanked, as being a small country with a population of over 9.5 million is served by 51 local and foreign banks. Two major banks in the UAE completed their merger last year, creating the region's largest bank with total asset in excess of Dh670 billion. The banking sector in the UAE is liquid and strong as credit growth to the private sector increased 6.5 per cent during the first nine months of 2019, while Islamic banking is growing at 9 per cent."

"The option of a merger in the GCC has become more acceptable, thanks to the recent successful mergers of major lenders that brought significant cost savings and operating synergies, leading to better profitability. Increasing compliance cost, rapidly-changing technology and innovation to be at the top of the game are forcing banks and finance institutions to look for opportunities to survive in the competitive world."

Crowe Mak also thanked the UAE's Rulers for enabling businesses to flourish while continuing to strengthen the UAE's economy.