The Deloitte Middle East firm revenues grow by 21% surpassing global growth

Omar Fahoum, chairman and chief executive of Deloitte in the Middle East commented on this performance:

"Although the Middle East region was not spared the effects of the global recession, there is still a huge amount of untapped potential in the area and Deloitte Middle East's strong performance is a reflection of this, as well as evidence that the strategic investments we have made are relevant to our clients and our markets"

The last fiscal year witnessed key Deloitte ME client and firm initiatives and recognition as a best employer in the region, following the results of a study by Hewitt Associates, the global human resources consulting firm. Deloitte was the only professional advisory firm in the Middle East to make the top list. Mr. Fahoum commented: "This is a testament of our strong focus on attracting and retaining the best talent in the region while leveraging our global network of expertise to serve our clients".

Also today, Deloitte Touche Tohmatsu announced aggregate member firm revenues of $26.1bn for the fiscal year ended May 31, 2009. This represents local currency growth of 1%. U.S. dollar revenues decreased 4.9% from the prior year.

"Achieving positive growth in this exceptionally difficult economic environment was the result of close attention to the needs of clients and a strong commitment to professional excellence by our member firm professionals. Despite the tough economy, we remain focused on our vision to be the standard of excellence and will continue to invest in pursuit of this vision," said Jim Quigley, CEO of Deloitte Touche Tohmatsu.

Deloitte continues to make substantial investments in its audit technology platform and methodology as well as the professional development of its people to meet the demands and expectations of all stakeholders. Additionally, in FY2009, Deloitte committed more than $1bn in investments in other areas. These include plans to construct Deloitte University, a state-of-the-art learning and development facility; substantial incremental investment in selected emerging and priority markets; and strategic transactions by a number of member firms, including the acquisition of substantially all of the assets of BearingPoint's North American and Middle Eastern public sector practice by the Deloitte U.S. and Deloitte Middle East member firms.

"Deloitte's member firm professionals are united globally by a strong client-centric, collaborative culture, which drives teaming and client service excellence that the market demands. Our business model of world-class capabilities in audit, tax, consulting, and financial advisory services, delivered through a strong network of market-focused member firms, has produced consistent superior results," Mr. Quigley said.

The aggregate compounded annual growth rate (CAGR) was 9.4% from 2005-2009 and 14.7% from 2005-2008.

The Asia Pacific region had local currency growth of 7.6% and was the fastest-growing region for the fifth consecutive year. The Europe, Middle East, and Africa region (EMEA) and the Americas region experienced positive growth of 2% and a decline of 1.3%, respectively, in local currency.

Consulting was the fastest growing function at 7.3%. Reflecting the challenging economy, both audit and tax were relatively flat against the prior year. Financial advisory services decreased by 6.1% from the prior year, primarily due to substantially decreased merger and acquisition activity.

"Globalization and the general pace of change continue to present both unprecedented opportunities and challenges for clients. With ongoing investments in new service delivery methods and improving processes to facilitate the rapid deployment of the right teams to meet client needs anywhere in the world, I am confident that our member firms will be even better positioned to help their clients succeed," said Mr. Quigley.

The difficult economic climate required many Deloitte member firms to adjust their cost structures, including in some cases workforce realignments, while continuing to compete aggressively for talent. During its 2009 fiscal year, the network hired more than 40,000 professionals. The workforce now stands at approximately 169,000 people globally, representing a 4.5% increase from 2008.