Industries

With a diverse portfolio of clients, our team is not only trained on technical accounting matters, but also on operational aspects relevant to our client’s businesses. By utilising our access to the latest industry trends and leveraging our long experience working with major industries in the United Arab Emirates, we are able to bring a holistic understand to each engagement.

Please see below for more information on the industries we serve:

AVIATION

There is no doubt about it, the UAE has transformed itself into a recognised global aviation hub over the course of its development. The notable growth of Emirates Airlines and Etihad Airways would not have been possible without the UAE governments vast investment in airport and air traffic control infrastructure needed to support the increased volume and activity in daily flights and number of passengers carried. In fact, according to Airport Council International, Dubai International Airport has been ranked as one of the top ten busiest airports in the world based on the number of passengers carried.

With the tremendous demand for the aviation industry, airlines, transportation, and logistics companies face a multitude of issues, together with a high regulatory environment. Airlines are particularly sensitive to fluctuations in oil prices that should be assessed and mitigated.

Our clients include leaders in transportation, freight, and logistics. Our deep knowledge of the aviation industry in the United Arab Emirates and our association with BKR International can help guide you through the specific audit, accounting, and financing issues faced by the industry at the local and international levels.

 

REAL ESTATE & CONSTRUCTION

We have a long history of working with clients in the real estate and construction industry and understand the unique challenges faced, including the adoption of the Percentage of Completion (“POC”) Method for long-term construction contracts in accordance with International Accounting Standard 11 (“IAS 11”), the measurement and allocation of work-in-progress for short-term projects, and the restructuring of customer debts.

The real estate industry in particular has witnessed considerable changes over the past decade, in line with the exponential growth the UAE has seen. With the general increased demand for real estate and increasing investor appetite in the region, real estate developers, brokers, and service providers, such as facilities management firms have benefited from high growth for their services.

With this high growth comes a need to stay abreast of regulatory and technical updates. In particular, the Real Estate Regulatory Authority (“RERA”) based in the UAE has promulgated certain frameworks that companies must abide by. Furthermore, the International Financial Reporting Standards Interpretations Committee (“IFRIC”) has recently issued IFRIC 15, which details the new requirements entities must demonstrate in order to classify the type of sale and the corresponding revenue recognition policy.

As a significant component of the economy in the UAE, the real estate and construction industry, we are focused on staying up to date on developments and are able to leverage of local knowledge with our international affiliation with BKR International to assist clients on a worldwide basis.

 

MANUFACTURING

Manufacturing is an industry that requires constant monitoring due to the vast amount of uncertainties that exist in today’s market. As fixed costs require a lead time to adjust to changes, forecasting is essential to getting an edge in business. At Kanaan & Associates, we have an experienced team of professionals who are knowledgeable on the fundamental aspects of the operations of manufacturing businesses and whose insights can prove valuable to business owners.

From entrepreneurial start-ups to well established large factories, our team has years of experience working with manufacturing companies throughout the United Arab Emirates and we have the necessary resources with the relevant backgrounds to help you reach your goals in today’s manufacturing landscape. This includes experience and knowledge on the highest in internal controls based on the COSO framework and cost accounting principles, including the allocation of expenses between direct and indirect.

Our reach extends to a broad network of law firms, bankers, advisors, and investors to deliver a comprehensive spectrum of support to help you achieve your goals. Additionally, we constantly utilize our association with BKR International to provide clients with a seamless extension of services on a global scale.

 

FINANCIAL SERVICES

The financial services industry has always been a key sector in most developing and developed economies. In line with the UAE’s goal to become the hub for regional finance, we have dedicated our team to provide guidance and insight to clients on new regulatory reforms and accounting pronouncements, such as the highly anticipated IFRS 9.

As one of the first recognized auditors in the Dubai International Financial Centre based in Dubai, we have a focus for delivering the highest levels of professional service and up to date advice to the financial service industry. Timely and current knowledge of this field is essential for success due to the high amount of regulation facing firms in this industry, from insurance brokers to regulated banks.

We believe that our front-line access to new developments in the industry will greatly benefit our clients and their risk management. Our front-line access to information extends to a broad network of regulators, law firms, bankers, advisors, and investors to deliver a comprehensive spectrum of support to help you achieve your goals. Additionally, we constantly utilize our association with BKR International to provide clients with a seamless extension of services on a global scale.

 

RETAIL & WHOLESALE TRADING

The retail and wholesale trading industry is one of the most represented industries in the United Arab Emirates economy based on its early trade history and hub as a fishing port. Due to the frequent purchases and sales, strong relationships are indispensable when it comes to trading companies. More often than not, external financings are required to import and export products on a global scale, in particular for the free zone companies.

As such, it is even more imperative to ensure that the proper financial reporting is in place to help ensure banks and other external lenders would be willing to provide letters of credit, trust receipts, letters of guarantee, bills discounting, and other useful trade credit to place your business at a competitive advantage.

Whether it is negotiating supplier contracts, bank facilities, or credit terms for a customer, we have seen it all and will help guide our clients through the maze of complexities that come with running a trading business and together with our association with BKR International, we are able to provide clients with a seamless extension of services on a global scale.

 

OIL & GAS

Oil & gas is a leading industry in the United Arab Emirates and will likely remain a leading industry for the foreseeable future. Through our experience working with some of the largest private and public oil & gas companies, our industry knowledge can prove valuable as the industry develops based on shifting demands.

As a firm based in United Arab Emirates, a country that is one of the leading oil exporters, we are committed to staying current of changing regulations and are able to share our knowledge with our clients on a timely basis. This guarantees that oil & gas firms have what they need in order to navigate the complex business environment.

Our deep knowledge of the industry extends to direct industry players and ancillary service providers based in various geographies in the United Arab Emirates from Fujairah to Dubai to Sharjah. This ensures that we are able to provide the highest level of professional service and we constantly utilize our association with BKR International to provide clients with a seamless extension of services on a global scale.

 

INFORMATION TECHNOLOGY

The information technology industry has been increasing at a substantial pace due to the increasing dependence on technology by nearly all businesses, impacting the way information technology companies do business. As such, there is a need for information technology companies to remain current with changes in the industry in order to stay competitive. Our professionals are cognizant of the ever-changing environment and can assist you in any type of service required for success.

Our reach extends to a broad network of law firms, bankers, advisors, and investors to deliver a comprehensive spectrum of support to help you achieve your goals.

Additionally, we constantly utilize our association with BKR International to provide clients with a seamless extension of services on a global scale.

 

SERVICES

Whether you are a lawyer, consultant, or doctor, we are fully equipped to offer you value-added expertise that can enable you to propel to even new heights. Most service firms offer a highly-specialized skill set that requires an ample amount of attention by the owners and managers.

Business owners are not always able to dedicate the time required to ensure that there is a robust set of internal controls and financial reporting in place to provide accurate and timely financial reports for the owners. In an industry that can face margin and pricing pressures, access to a strong system of financial reporting can provide you with the edge you need to make more informed business decisions.

Our services are designed to allow business owners to concentrate their efforts on running their core business, while giving you peace of mind that we are working to the best of our abilities to ensure the highest quality services are provided at a reasonable fee. Moreover, our association with BKR International allows us to provide clients with a seamless extension of services not only on a local basis, but also on a global scale.