John Connolly, Deloitte Global Chairman and UK Firm Senior Partner and 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 & Touche Middle East, added: "We are delighted to be embarking on this new venture. 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 from millions to billions. By combining our expertise and talent we will be able to ensure that we are at the forefront of this market. We look forward to welcoming the incoming partners and working together to set the standard for professional services in the Middle East.
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."
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Posted by Anne-Birte Stensgaard, Senior News Editor
