External Auditors
Overview of the External Auditor
Grant Thornton was re-appointed by the shareholders at the General Assembly Meeting held on 30 April 2025 as the external auditor for the Company. Dr. Osama El-Bakry, a Grant Thornton partner, was designated as the engagement partner responsible for the audit of the Company’s financial accounts. Dr. Osama has two decades of professional experience in auditing, accounting, risk management and other service lines such as due diligence, transaction deals and fraud and dispute investigations within the Middle East and wider Gulf region.
Grant Thornton has been operating in the UAE for more than 55 years. It has three offices and 450 employees in the country. With over 750 offices and 62,000 employees worldwide, it provides professional services to clients across multiple economic sectors.
Appointment, fees and services
The shareholders resolved on 30 April 2025 to appoint Grant Thornton as the external auditor for GULFNAV, with a total remuneration amounting to AED 250,000.
On an annual basis, the company requests a quotation/proposal from different audit firms and a formal evaluation (technical/financial) is conducted before nominating the external auditors for the next year, including review and recommendation from the Audit Committee and Board of Directors. The appointment of the external auditors (firms/fees) is eventually approved by the shareholders through the General Assembly Meeting.
Details about the external audit firms, fees, and scope of services are briefly explained in the table below:
| Audit Firms/Consultants | Grant Thornton |
|---|---|
| Associated since (years) | 2023 (3 years) |
| Total audit fees for the financial statement | AED 250,000 |
| Fees and costs of the special services, other than audit of financial statements | N/A |
| The details/nature of other services | No non‑audit services were procured from the External Auditor, and no associated fees were paid. |
| Statement of other services obtained from another external auditors/ consultants |
|