Abu Dhabi: MAF Auditing, Accounting and Consultancy firm was set up three years ago with a meagre capital which the owner Mohammad Al Falasi saved over a period of time from his salary. Now the company has established itself as one of the successful auditing firms in the UAE catering to the needs of small and medium enterprises.
The company has more than 100 clients based in free zone areas of Sharjah and Dubai who are mainly involved in trading.
“I faced a lot of challenges when I started the company in the beginning of 2012. There was competition from freelance auditors and there was no income. Now my company is doing auditing of more than hundred clients and is in the process of earning profits,” said Al Falasi.
He said UAE market is predominantly comprised of SMEs whose yearly turnover is not more than 10 million.
“These small companies mostly depend on freelancers for auditing their accounts. We are trying to audit their accounts and help their business grow. There is a need for qualified auditors in the market,” he said.
He said small companies and start ups face more risk in terms of investment than bigger companies because of lack of understanding about the market and financial management.
“Auditing firms have an important role to play in sorting out their finances. Start ups are at much higher of risk of losing money if they do not manage their investment well.”
Al Falasi started the company with one employee and now they have ten employees speaking different languages to serve clients of different nationalities.
The website of MAF Business Group lists various clients in sectors like wholesale and retail, interior decoration, real estate, manufacturing, contracting, jewellery, hotel industry, logistics and aviation, travel and tourism, school and education etc.
Huge potential
The company offers accounting and bookkeeping, internal audit and control, setting up business and licensing, market research, corporate finance solutions and business advisory services.
Al Falasi said he plans to develop his company as one of the leading auditing firms in the GCC region.
“There is a huge potential for this segment in the market. The market is controlled by top ten auditing firms and there is a space for other companies. I am planning to open more offices in the UAE and expand.”
A new office will be opened in Abu Dhabi by the end of this year and another one in Northern Emirates in future.
He said American businessman Jack Welch and Donald Trump are his inspiration in starting the business. From the UAE he takes inspiration from Emaar chief Mohammad Alabbar.
“Donald Trump once said that crisis time is the best time to invest. I started my business when Dubai was still going through a financial crisis and there was plenty of cheap office space and labour available. We used crisis as an opportunity to set up the business.”
“I write down my goals on a piece of paper. People think and forget it but I write it so that I remember and strive towards achieving that goal.”
According a report published in Gulf News last year SMEs contribute an estimated 40-46 per cent of nominal GDP in Dubai, and more than 60 per cent of the UAE’s GDP. SMEs host the majority of employment opportunities in the country and provide 86 per cent of all private sector employment.
