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Thursday, December 3 - 2009

New Deloitte corporate finance joint venture in the Middle East

  • Middle East: Monday, September 01 - 2008 at 09:42
  • PRESS RELEASE

Deloitte today announces a joint corporate finance venture between the UK and Middle East firms and, as a first step, is relocating six partners from the UK and other member firms to the region.

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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 in the GCC market.

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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About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in over 140 countries. With access to the deep intellectual capital of approximately 165,000 people worldwide, Deloitte delivers services in four professional areas—audit, tax, consulting, and financial advisory services—and serves more than 80 percent of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.

About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu (DTT) and is the longest established professional services firm with uninterrupted presence for over 80 years in the Middle East region. Deloitte & Touche (M.E.) is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 25 offices in 14 countries with over 1,700 partners, directors and staff.

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