Omar Al-Mukhtar Street
April 18, 2023
April 18, 2023

Carmen Cojocaru is a highly qualified professional with extensive experience in the fields of accounting, audit, tax, and business process outsourcing. Additionally, Carmen’s involvement with the ESG committee and Kreston Global highlights her commitment to promoting ethical business practices and fostering sustainable growth within the industry.
April 13, 2023
Experts in our ESG committee comment on the progress of ESG in the Middle East, exploring the implications of new legislation and how it is changing doing business in the region.
ESG reporting is becoming increasingly important in the Middle East and North Africa, as investors and governments look for companies that are committed to sustainability. In this article, we will take a look at ESG reporting across the MENA, with a focus on Saudi Arabia, UAE, Turkey, Egypt, and Israel.
As stakeholders and investors seek greater transparency, the popularity of ESG is on the rise. According to Global Sustainable Investment Alliance 2020 biennial report, at the start of 2020, sustainable investment reached USD35.3 trillion for the five major markets United States, Canada, Japan, Australasia and Europe, a 15% increase in the past two years (2018-2020) and 55% increase in the past four years (2016-2020). This is expected to grow to $100 trillion by 2025.
The Middle East is not immune to this trend. Here are some ways that transparent, principles-driven businesses can benefit from this trend:
Some of the world’s leading ESG investors are already active in the region. For example, BlackRock, the world’s largest asset manager, has committed to investing $500 billion in sustainable assets in the Middle East over the next five years. This growing interest in ESG is driving demand for ESG reporting from companies in the Middle East. However, the region is still lagging behind other parts of the world regarding ESG reporting.
A recent study by PwC found that only 42% of companies in the Middle East have a standalone ESG report. This compares to 73% of companies in Europe and 69% of companies in North America. The study also found that companies in the Middle East are more likely to report on environmental factors than social or governance factors. This is likely due to the fact that environmental issues are more visible and measurable than social or governance issues. The report commented:
“Environmental issues are increasingly coming to the fore as governments in the region seek to transition from oil and gas. In the run-up to the COP26 Climate Change Conference in Glasgow, the United Arab Emirates committed to net-zero carbon emissions by 2050; Saudi Arabia and Bahrain also pledged to achieve net zero by 2060.“
“Social values, such as supporting communities, are also important for businesses in the region. This commitment was seen clearly during the pandemic when family businesses in the region actively championed initiatives to help their people, suppliers and local communities. According to the results of PWC’s Middle East Family Business Survey (2021), 84% of the region’s family businesses retained as many staff members as possible, 56% took action to support the local community and 45% provided financial support or loans to their employees.“
“Governance standards and codes are already adopted in the region and are increasingly an area of focus. A review in 2014 by the OECD highlighted that several countries in the region had issued governance codes and guidelines for banks, insurance companies, state-owned enterprises, securities companies, and small and medium-sized enterprises (SMEs). Central banks, capital market authorities and corporate governance institutes issue these guidelines and codes. As the ESG agenda advances in the Middle East, some banks in the region are beginning to screen their investment products and loan portfolios for climate impacts, illustrating how governance is in constant evolution in the region.”
Despite the challenges, there are a number of opportunities for companies in the Middle East to improve their ESG reporting such as adopting international standards such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB) to help provide a framework for companies to report on their ESG performance in a consistent and comparable way. Sustainability Disclosure Standards being issued by The International Sustainability Standards Board (ISSB), where it has issued two exposure drafts:
1. IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information
2. IFRS S2 – Climate-related Disclosures
The standards will likely become effective starting January 2024 and are expected to be issued by the end of Q2 2023.
Another opportunity is to engage with investors and other stakeholders. Investors are increasingly looking for companies that are committed to sustainability. By engaging with investors, companies can better understand their expectations and develop ESG reporting that meets their needs-High-quality reporting is directly related to increased value for an entity’s stakeholders. Entities with strong ESG performance, for example, are often perceived as lower-risk investments, making them more appealing to investors.
Finally, companies can also use ESG reporting to attract and retain employees. Millennials and Generation Z are increasingly interested in working for companies that are committed to sustainability. By reporting on their ESG performance, companies can attract and retain top talent.
In conclusion, ESG reporting looks increasingly important in the Middle East. Companies in the region can improve their ESG reporting by adopting international standards, engaging with investors and other stakeholders, and using ESG reporting to attract and retain employees.
Here are some specific examples of ESG reporting from companies in the Middle East:
The challenge is to eliminate energy poverty as well as to keep the goal of capping global warming at 1.5 degrees Celsius alive.
These are just a few examples of the many companies in the Middle East that are taking ESG reporting seriously. As the demand for ESG information continues to grow, we can expect to see even more companies in the region publishing ESG reports. It has to be mentioned that ESG reporting has been made mandatory for the Public Joint Stock Companies in the UAE. EY Carbon – a strategy to decarbonise businesses by developing a credible plan to achieve net zero – is highly focussed in the region.
Companies need to consider that ESG is supported by a generation that values its principles, and this factor makes the framework an increasingly sought-after component of modern business.
March 23, 2023
Kreston Global has maintained its 13th position in the International Accounting Bulletin world survey. Kreston Global continues to enjoy steady growth, with a 4% turnover increase in 2022.
The network has attracted a record number of new firms in recent years and US firm CBIZ MHM has contributed significantly to the growth with key strategic acquisitions, including New York–based Marks Paneth, helping to propel CBIZ MHM from 13th to 8th position in North America regional rankings.
Liza Robbins, Kreston Global Chief Executive commented,
“We are delighted to have retained our global position, although our focus continues to be on delivering real benefits to firms to help them grow and thrive, and less about global rankings.
The fast pace of development of Kreston Global led to a new strategic plan being unveiled in 2021, which embraces the network’s wider purpose-led approach. The new firms that have joined us over the last 12 months have only enhanced the strong ties that connect our firms to each other.
2023 looks set to be another strong year of member growth, with excellent firms interested in joining the network.”
If you are an ambitious, internationally-focused firm that is interested in joining Kreston Global as a member, you can fill out a form to apply to start your application.
January 23, 2023
LONDON – Kreston Global has begun 2023 by welcoming eight new member firms on four continents: India, Uganda, Lebanon, Japan, Croatia, Bangladesh, Chile and Taiwan.
The eight new member firms are:
Kreston Croatia was founded by Managing Partner Ivan Pečur who has worked in a number of international accountancy organisations over the last 16 years as an audit partner. He is joined by two other partners.
Bhatia & Bhatia was founded in 1981 and provides audit, tax and accounting services to a range of domestic and international clients. It works closely with a broad base of affiliated chartered accountant firms across all major cities in India.
Kreston HM was founded by Managing Partner Hitesh Mehta in 2005. It provides audit, accounting services and tax advisory to international and local clients from its offices in Kampala and Jinja. It has three partners and 45 staff.
Accurate Accounting & Audit was founded in 2021 and is led by four certified auditors. It has over 20 staff based in its central Beirut offices, providing services to corporate and private clients across the construction and building supplies, professional partnerships, hospitality, retail and sports sectors.
Maria Howlader and Co is based in Dhaka, Bangladesh and comprises 34 employees and offers audit, accounting and tax services to international businesses and foreign subsidiaries based in Bangladesh and overseas.
Kreston ATC Chile is a newly established firm in Chile, based in Santiago. The firm has 24 staff and five partners, and is led by Managing Partner Hans Caro. The firm is made up of previous Kreston partners including Ricardo Gameroff who is already involved with the Kreston network through the Global Audit and Quality
Groups. The firm has a number of international clients and specializes in external and internal audits, taxes, risk advisory, forensics, payroll and bookkeeping.
Top New & Co is based in Taipei, Taiwan and is returning to the Kreston network after a few months away. Run by Yashu Hung, who is the lead audit partner, together with two other audit partners and a staff of 20, they offer audit and accounting services to a range of privately owned and not-for-profit organisations.
2022 saw Kreston Global holding its hugely successful network-wide conference in Madrid, the first in-person conference the network has held since the pandemic began. 2022 also saw the launch of its first Environmental, Social and Governance Advisory Committee, launch of new international steering groups for Internal Audit, Transfer Pricing and Life Sciences, and lastly a flagship thought leadership report, ‘The Interpreneur Mindset’.
Liza Robbins, Chief Executive of Kreston Global, said:
“It is with great pleasure that I welcome our latest joiners to the Kreston Global network. To have eight firms join in a short period is a major achievement, but to have eight firms of this calibre join is a significant testament to our depth and breadth.
“In recent years we have spent a great deal of time evaluating and fine-tuning our strategy. We have listened closely to our members, working with them on a range of areas and launching a number of exciting new initiatives. I am excited to move into 2023 with both our existing and new colleagues as we continue to develop our proposition to the entrepreneurial business community.”
Get in touch to talk about how Kreston Global firms can help your expanding business in these eight countries.
December 19, 2022
Kreston’s Global Indirect Tax Group has welcomed a new regional director. Ankur Jain leads the indirect tax practice at MMJS, part of Kreston Menon, our member firm in the UAE.
In accepting the role Ankur Jain said:
“It is an honour to be appointed as the Middle East regional director of the Global Indirect Tax Group (GITG), particularly when Indirect Tax was introduced in many countries in the Middle East. In this fast and ever-changing tax landscape in the region, this opportunity brings a unique opportunity for me to share knowledge, build partnerships, work on referrals, and ultimately add value to our clients and Global Indirect Tax Group (GITG).”

Ganesh has extensive experience of more than 30 years in providing specialist tax services, particularly to large privately owned groups, with particular strengths in the property, retail, healthcare and hospitality industries. He has supported various entities with specialist advice on tax-effective structures and restructures, cross-border transactions on account of outbound and inbound India investments, mergers, acquisitions and divestments. Ganesh has also worked with stakeholders across businesses to deliver solutions such as tax due diligence, tax consolidation and restructuring of large family businesses in the Middle East, Asia, and Singapore.

Surandar Jesrani is the CEO and Managing Partner at MMJS Consulting. A chartered accountant by qualification and entrepreneur by nature, Surandar prior to founding MMJS was in key positions at HSBC Private Equity, Infosys, L&T and GM.
Surandar is a thought leader and the leading newspapers in the region frequently seek his views. Surandar is a speaker at various International forums and was recognized as ‘Corporate Icon of the Year’ for three consecutive years.
December 5, 2022
The Accountant Magazine recently highlighted the impact of the OECD two-pillar solution to control impact of BEPS on GCC (Gulf Co-operation Council) countries. Two tax experts from Kreston Global, Ganesh Ramaswamy, Partner at K Rangamani and Associates LLP in India and Surandar Jesrani of Kreston Menon shared their thoughts with The Accountant on the region’s readiness to adopt the new framework.
As the global economy becomes increasingly more digitalized, the OECD made the decision to update the framework on base erosion and profit sharing. Pillar one impacts the multi-national enterprise (MNE) with a turnover of more than 20 billion and profits before tax of over 10%. Pillar two is seeking a global tax rate of at least 15%.
Parts of the region have been in a position to be able to adopt the pillar two framework with relative ease. Multiple countries within the GCC are already positioned to be able to adopt the 15% tax rate, with Oman already in that position. A 15% corporate tax rate exists for non-GCC companies in Kuwait with Saudi Arabia already exceeding the expectations at 20%. Bahrain and UAE currently have no corporate tax structure and are considering how to implement it.
UAE will meet obligations by introducing corporate tax in June 2023. This is a step-change for the country, however, guidance is yet to be issued with details of how that might affect businesses in the country. Bahrain has not yet made a full announcement, but is expected to follow the UAE in its adoption of pillar two principles.
Saudi is seeking to make changes, considering the removal of the Zakat tax, with Qatar and Kuwait adopting corporate tax for GCC and non-GCC entities. In order to control BEPs within the GCC region, five of the six countries within the region will be adopting the OECD’s BEPs 2021 framework update. Kuwait is yet to confirm participation.
August 15, 2022
LONDON – Kreston Global has welcomed a new member firm, Saudi Arabia-based Nefel Barrak Beneyyah (NBB).
NBB offers a wide range of services in different fields for all types of entities and corporations, which includes audit and assurance services, financial advisory services, consulting services, accounting services, internal audit, forensic accounting services and tax and zakat advisory. NBB was founded by Managing Partner Nefel Barrak. The firm provides innovative and contemporary solutions that allow its clients to maximise their potential.
NBB will be branding itself as Kreston NBB Saudi to take advantage of the extensive global reach of the Kreston network. The firm has an ambitious growth strategy focused on building a solid quality-led national, regional and international offering, strengthened by extensive training expertise. Four of the firm’s partners and staff are ex-Big four partners seeking an entrepreneurial environment working with ambitious growing clients. Kreston NBB Saudi’s vision is to be one of the best alternatives to the Big 4. for entrepreneurial dynamic mid-market businesses looking to grow nationally and internationally.
Nefel Barrak, Managing Partner at Kreston NBB Saudi, said:
“As a firm looking to build a strong sustainable future, joining the Kreston Global network was an obvious choice thanks to its dynamic, ever-growing community of firms serving their clients with distinction. We have a varied portfolio and a growing client base and are keen to grow our international practice alongside our existing practice here in Saudi Arabia. Kreston’s Middle East region is highly active and well-connected and we are excited to become a key player in the region and in the network as a whole. Kreston NBB Saudi has great plans and objectives to be achieved in the future as we join with the Kreston Global network.”
Liza Robbins, Chief Executive of Kreston Global, said:
“It gives me great pleasure to welcome our new colleagues in Saudi Arabia to the Kreston Global network. The addition of Nefel Barrak Beneyyah continues what has already been a great year in terms of expanding our network with like-minded professionals. We are looking forward to working with a firm that is very forward-thinking with such an exciting vision for its future and the way it wants to service and work with national and international clients.”
To find a member firm in your country click here.
July 15, 2022
July 14, 2022
June 1, 2022
Surandar Jesrani of UAE member firm Kreston Menon (MMJS Consulting) writes about international regulator moves to crack down on digital art assets in Accounting and Business news. Read the full article here.
March 11, 2022
Kreston Global is still the 13th largest network in the world.
Kreston Global’s Network ranking has just been published by the International Accounting Bulletin, and remains at 13th in the World, thanks to worldwide revenues of $2.6bn, an 8% increase on last year’s figures of $2.4bn. The rankings cover the financial year period of 2021.
“A very good result for the Network, particularly against the Covid backdrop “ commented Liza Robbins, Chief Executive, noting that a number of new firms had joined Kreston in late 2021/early 2022 so were not included in the Kreston 2021 revenue figures. “We feel that 2022 is shaping up to be a transformational year for Kreston Global, with many new firms coming on board and exciting new initiatives in the pipeline.”
Click here for more IAB ranking information on Kreston Global 13th largest network position – you do need to be a subscriber to access the tables.
March 7, 2022
Kreston Global condemns the war in Ukraine and the violation of international law. We are deeply troubled at the terrible impact on innocent people in Ukraine, Russia and Eastern Europe, and we stand by all people suffering from oppression anywhere in the world. We very much hope for a quick and peaceful resolution to this tragic situation.
We can confirm that Kreston Global does not have any member firms operating in Russia. Our member firm in Ukraine – Kreston Ukraine – has understandably been impacted by the current situation, and we are doing everything we can to support their team during this difficult time.
Accounting firms play a critical role in ensuring relevant economic measures and sanctions are applied effectively. To do so, our firms are encouraged to use resources available from professional bodies and government departments in their respective jurisdictions and to seek guidance from Kreston Global. As trusted advisors, our member firms will continue to support clients as they manage the significant disruption that these changes will bring.
Kreston Global firms from around the network have been in touch with offers of support. Kreston Ukraine has set up a fund to support its employees at this time. If you are a member and would like to offer support, please contact us here.
February 2, 2022
Kreston global mobility expert, Ian Miles, talks us through the benefits of using a global network to relocate businesses and employees overseas.
Global mobility is the movement of individuals around the globe moving from one country to another, usually, but not always, for work.
Our offering is to help to efficiently move employees and businesses to new countries by offering the necessary and relevant tax advice before, while and following living in a new country. A good global mobility strategy should cover tax, visas and immigration, payroll and benefits and relocation services.
A smooth transition benefits the business and the individual moving, whether it is the CEO of a company or an employee. Understanding the culture, local employment laws, working visas and settling in families, if needed, minimises the risk of the relocation failing
The HR department is often involved and can offer assistance to an employee or CEO looking to relocate, however, tax and legal advice is specialist and dependent on the locality. Businesses can choose to source multiple services or use a network that can coordinate everything with one point of contact.
Kreston Global works with two partners to deliver specialist global mobility services.
At each country location is a hub, with a contact from each of the three partners who, together, offer a complete global mobility service. The members of the hub are one person whose business is to physically move people around the world, another member finds housing for the Expat, another finds schools for the Expat’s children, another moves their pet, a wealth manager and so on. The Expat will also need tax advice to help understand the tax laws in the country that they are going to and how the rules of their new country interact with their home country or vice versa if they return home in later years.
Expatland has created a travel planner checklist from their wealth of experience of working with clients around the world, highlighting tasks you should do before, during and after relocation. Follow the link to their website here to use their useful relocation planner tool, download the checklist and research the support we can offer you in each location.
Kreston Global offers tax advice as part of the partnership, which can both advise individuals on the tax aspects of what it means for them to move country and also advise globally mobile entrepreneurs about how to set up a business venture in a new country.
All of our member firms that offer global mobility services are listed here. This list is expanding all the time. You may contact the member firm in the country you wish to expand into, or the country where you reside. Please email us here
This month saw two new members added to the Kreston Global Mobility network. Kreston Egypt and McLean Delmo Bentleys in Australia.
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. and Harmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Download your copy of the handbook here.
January 27, 2022
LONDON – Kreston Global has today welcomed Johar and Partners, based in Kuwait, to its global network
Johar and Partners specialise in providing audit and assurance, financial advisory, accounting, risk, tax and zakat and bookkeeping services to businesses in Kuwait. The firm will be re-branding as Kreston Kuwait.
The firm is accredited by the Capital Market Authority, the Ministry of Finance and the Ministry of Commerce & Industry in the state of Kuwait as certified auditors and accountants. Johar and Partners was founded in 2011 by Managing Partner Abdullatif Johar, who works alongside Senior Partner Mohammed Ali in supervising the practice. In addition to the two partners, the firm comprises 17 other fee-earners and three administrative staff.
Johar and Partners have a broad client base in Kuwait encompassing a range of sectors including transportation, financial services, consumer and services, real estate and construction, telecommunication and power & utilities.
Johar and Partners is the fourth firm to join the Kreston Global network in recent months and will be rebranding itself under the Kreston banner as Kreston Kuwait, deepening its association with the network and enabling further expansion on a local and national level. 2021 saw the Kreston Global network celebrating its 50th anniversary as well as undergoing Its own rebrand.
Abdullatif Johar, managing partner at Johar and Partners, said:
“Kreston Global stood out amongst potential partners as we move towards this new, exciting phase in our development. We were struck by the advanced technological platforms and resources underpinning Kreston’s global community, but also by the culture of empowering member firms to determine their own path. We will be working with our new colleagues to build opportunities both in the region and beyond for our clients.”
Liza Robbins, Chief Executive of Kreston Global, said:
“Johar and Partners have an excellent reputation in the Kuwaiti audit and advisory landscape and are extremely well placed to build their standing in the international market. The breadth and depth of their expertise across a range of sectors will make them a natural partner for international businesses. We look forward to working with them to forge links throughout the network and beyond.”
December 6, 2021
The growth of the Kreston network is in the news again following the addition of two new Kreston firms. The article in International Accounting Bulletin covers the addition of Kreston Bahamas and Kreston Bahrain, who have joined the network as Kreston branded firms.
Liza Robbins, CEO of Kreston Global, said,
“I would like to welcome our new colleagues in The Bahamas and Bahrain to the Kreston Global network in an exciting period of growth as international business recovers from the pandemic. These two firms, so geographically far apart, embody the spirit of excellence and collaboration that we at Kreston Global have always championed. We look forward to working with them to build on their many successes to date, both in their respective regions and beyond.”
Click here to read the full article (subscription required).
Visit our doing business in the Bahamas and doing business in Bahrain for helpful insight on expanding your business into these countries.