ME PoV Spring 2016 issue

On Malta

About this issue

The British, the French, the Spanish, the Normans, the Arabs, the Greeks and the Romans couldn’t all have been wrong, could they?

Since before Christendom, the isles of Malta have been conquered time and again by the various powers that sought to cultivate its natural harbors and take advantage of its strategic position in the centre of the Mediterranean Sea. Malta has come a long way since then, achieving independence from the United Kingdom in 1964 to eventually join the European Union and the Eurozone in 2004 and 2008 respectively.

Malta’s gravitational force is well earned though: offering climate, historical sites, beautiful landscapes and education, the country also offers investment incentives to boot. In our special feature in this issue of Middle East Point of View, Nick Captur, Conrad Cassar Torregiani, Stephen Paris, Patrick Mangion, Chris Curmi and Michael Mercieca guide us through Malta’s competitive advantage for business, investment, residence and citizenship. Check out our articles on the subject Malta is ready for business, V.A.M. (Value-Added Malta), Taking up residence in Malta and A door to the EU, in this issue’s special insert.

Otherwise it’s business as usual here at the Middle East Point of View, with our regular features covering the hot topics in our region. Paul Manduca takes a closer look at IFRS adoption in Saudi Arabia in his article Getting it right. “Careful planning and preparation,” says Mr. Manduca “will determine the success or otherwise of the effective IFRS implementation in the Kingdom.”

Martin Cooper offers his predictions on the real estate market in Dubai for 2016. Mr. Cooper retains a positive outlook for Dubai’s residential, hospitality, office and retail markets. The lifting of sanctions on Iran, says Mr. Cooper also “presents potential opportunities” for Dubai as capital in Iran is released.

We borrow our title for the article on talent management in the GCC from Benjamin Franklin. Ghassan Turqieh, Joana Abou Jaoude and Sami Kahale discuss the need for talent management in the GCC public sector in order to face the challenges imposed by a growing workforce and government initiatives. After all, as Mr. Franklin said, “What’s a sundial in the shade?”

Also in this issue of ME PoV, a growing concern among many businesses in the Middle East and the Gulf, managing family business conflicts (The ties that bind by Deloitte Private regional leader Walid Chiniara and Yasmine Omari) and fraudulent behavior in the workplace (Spotting a fraudster by David Clements) complete this edition of our magazine.

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Adoption of IFRS in Saudi Arabia

The Kingdom of Saudi Arabia (KSA) is soon set to join 130+ countries across the globe in the application of International Financial Reporting Standards (IFRS). Today, all companies in Saudi Arabia, other than banks and insurance companies, must follow accounting standards generally accepted in KSA as issued by the Saudi Organization for Certified Public Accountants (SOCPA). Banks and insurance companies are regulated by the Saudi Arabian Monetary Authority (SAMA-the Saudi Arabian central bank) and are already required to comply with IFRS.

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Dubai Real Estate Predictions 2016

Following two years of significant capital and rental growth across much of Dubai’s real estate market, 2015 marked a slowdown and a return to more stable market conditions.

Our outlook for the year ahead is that generally market fundamentals for Dubai will remain positive in 2016, supported by a dynamic and growing economy, world-class transport and infrastructure and a stable investment climate. However, despite these market fundamentals, we do expect certain headwinds in Dubai’s real estate market, largely influenced by external factors. 

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With its warm climate, numerous recreational areas, and architectural and historical monuments (including three UNESCO World Heritage Sites), what’s not to like? Nothing it seems. Following its entry into the European Union, Malta has become the small powerhouse that packs a big punch.

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Out of the shade

Talent management has become a priority on the agenda of public sector leaders in the Gulf Cooperation Council (GCC) countries as they seek to cope with the peculiarities of the GCC labor market and governmental drivers impacting it.

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Managing family business conflict

Families in business gain great personal, operational and market advantages by their very nature, but the added complexity of family matters becoming intertwined with business matters cannot be ignored.

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Spotting a Fraudster

Most company owners do not realize that the average business loses around five percent of its annual income as a result of fraud/embezzlement1. Statistically, losses from bigger fraud schemes are usually attributable to highly valued, experienced, senior management/executives.     

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