A New York-based financial consultancy, which offers advice to banks, private equity companies and sovereign wealth funds in the region, is on a recruitment drive to more than double its staff in Dubai as demand for its services grows.
After gaining a reputation as a go-to source for Wall Street firms in need of help, Accordion Partners is eying similar opportunities in the Middle East. It signed a partnership deal in November with Eagle Investments, an advisory firm based in the Dubai International Financial Centre.
Now it is seeking to bolster its team of four experts in the emirate.
"We plan to grow our presence in Dubai significantly and part of that will be hiring to bring in five new people in response to client-based demand and parachuting people in for specific assignments," said Nick Leopard, the company's founder and chief executive.
A former investment banker at the defunct Bear Stearns and several other investment companies, Mr Leopard established the company in 2009 after the financial meltdown that began in New York. He assembled a high-flying team of former industry insiders and offered their services to investment banks and private equity firms needing an extra pair of hands to seal a deal, draft a budget, manage investor relations or handle compliance.
Spying an opening in the Middle East, Accordion began dipping its toes in the market about a year ago, sending in members of its team to advise sovereign wealth funds, investment banks and private equity firms. It now hopes to build a bigger presence through its partnership with Eagle Investments.
"We realised there were large opportunities in the GCC for Accordion as there are sovereign wealth funds and family offices which have a need for international calibre resources they may not normally have access to, as this is an underserved market," said Mr Leopard.
The needs of financial companies in the Middle East were similar to those in the United States in some ways, he said.
As dealmaking has cooled from pre-crisis levels, buyout firms are having to hold on to portfolio companies longer, rather than selling for a quick profit. As a result, they are having to squeeze more from the value of their investment.
"It's no longer three or four years and flip. It's now holding investments for five years or longer, so there's now a need to put an emphasis on operational improvement," he said. "Another major opportunity is the fact a lot of groups are looking to professionalise their investment to take more of a hands-on approach."
Accordion is also fielding inquiries from companies in the region seeking help managing their US-based portfolios.
Eagle Investments will manage Accordion's services in the region. It was part of a capital raise in April by Accordion that included high-net worth investors.
"We strongly believe that Accordion's unique ability to bring top-tier operational and transactional support to clients with greater cost efficiency … will be extremely appealing and fill a growing need in this robust market," said Raj Dvivedi, the chief executive of Eagle Investments.
tarnold@thenational.ae
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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