Deloitte opens new JV in Middle East
Date: 03-09-2008
Source: Consultant News
Accountancy and consultancy major Deloitte has created a corporate finance joint venture in the Middle East.
The joint venture company, Deloitte Corporate Finance Limited, is registered and authorised by the Dubai Financial Services Authority, and will initially focus on offering M&A advisory and support services, valuation, business modelling, IPO advisory, forensic & dispute services and, importantly, Islamic finance advice.
John Connolly, Deloitte Global Chairman and UK Chief Executive, commented: “The Middle East is a very important region, with strong sustained economic growth and immense investment firepower. By joining forces with the Middle East firm, we will have the scale and breadth of financial skills to provide a full range of M&A services to clients from within and from outside the region."
Omar Fahoum, Chairman and Chief Executive Officer of Deloitte Middle East, added: “The private equity industry in the Middle East is expected to exceed $670bn in the next ten years. Strong fundamentals, rapid growth and greater availability of funding means that deals are set to grow in size to billions.”
Chris Ward, global head of corporate finance advisory at Deloitte, will lead this business. He commented: “We have ambitious plans to grow the new business, both in size and in the range of services offered. We predict the M&A market in the Middle East will grow at a staggering rate in the next few years; we intend to be at the vanguard of this development.”
The new company will be located in Dubai and six partners from the UK and other member firms are relocating there. The workforce is expected to grow to 120, as the company plans to have a presence in Riyadh, Kuwait City, Doha, Qatar; and Abu Dhabi.
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