"Complexity, disruption, and speed of change are the new reality for our member firm clients, and for Deloitte's own business," said Omar Fahoum, chairman and chief executive, Deloitte Middle East.
"Deloitte's success this past year is the result of adapting business strategies to anticipate client needs and address the changing requirements of a dynamic market."
Leadership development - A catalyst for growth
Deloitte continued to focus on hiring, developing, and retaining top talent as a key driver of the expansion of business activity. In FY2012, the Network hired 51,400 professionals; its total workforce now exceeds 193,000 professionals worldwide and the organization is well on its way to achieving its growth goal of 250,000 professionals by FY2015.
In addition to the continued focus on hiring, and to support strategies to be recognized as one of the top organizations in the world for developing world-class leaders, Deloitte is investing heavily in leadership development globally. This commitment can be seen in Deloitte University, a US$300 million learning and development facility located outside of Dallas, Texas, where Deloitte professionals come together to connect, share ideas, and identify and capitalize on new and innovative solutions to the most critical and complex issues facing global business today. More than 40,000 professionals from 70 countries attended Deloitte University over the last year.
"Deloitte has always been highly effective at attracting and retaining the world's best talent in all our practices in the Middle East and worldwide," commented Rana Ghandour Salhab, talent and communications partner, Deloitte Middle East. "Given continued market uncertainty, increased regulation, and a competitive job market, it is of utmost importance that Deloitte stays ahead of the curve and developsits professionals so they are well equipped to serve clients."
Creating impact through Olympic and Paralympic relationships
In FY2012, Deloitte extended its commitment to the Olympic and Paralympic movements by providing strategic insight and professional services to national Games committees. Deloitte professionals delivered services across the network's full competency suite, in areas including organizational design, risk assessment, and sustainability.
Growth across business and industry
In the past year, Deloitte served more than 75% of the Global Fortune 500, working with them to address some of their most complex business issues. In FY2012, Deloitte saw growth across all business lines and industries, with financial advisory and consulting experiencing 15% and 13.5% revenue growth, respectively.
Breakdown of business line and industry growth (aggregate across member firms, in USD):
• Financial Advisory led the portfolio in terms of growth, at 15%. This was propelled by several significant cross-border, cross-functional client engagements, and through acquisitions that broadened capabilities in priority markets.
• Consulting revenue grew by 13.5%. This growth was fueled by helping clients with their most complex challenges, including responding to changes in the market, industry, and regulatory landscape, as well as supporting expansion into new and emerging markets. Demand for services in Business Intelligence, Enterprise Applications, Finance Transformation, M&A, and HR Transformation were dominant growth drivers.
• Audit and Enterprise Risk Services (ERS) revenue grew by 6%. Audit grew most rapidly in the priority markets, especially in the Asia Pacific region, where Deloitte is well positioned to serve the fastest-growing sectors. ERS drove growth—double-digit growth in every region and industry—fueled by factors including heightened regulatory pressure, positive analyst ratings, and increased awareness of the importance of optimized risk management practices.
• Tax and Legal revenue grew by 4%. Growth was driven by the continued implementation of enhanced service delivery models in both Compliance & Reporting and Advisory services, as well as by the introduction of new service offerings, especially in priority markets, to help clients manage the complex, fast-changing economic and tax environment. An uptick in cross-border consultative services and strong growth in the Asia Pacific region also propelled growth.
• Industry: The fastest growing industry was Energy & Resources, with revenue growth of 24%. Life Sciences & Health Care grew by 13%, Consumer Business and Transportation by 11%, and Financial Services by 10%. Financial Services generated more than one-fourth of the total industry revenue.
The growth across industry and business lines was achieved despite challenging market conditions around the world, particularly in Europe. Growth was largely driven by Deloitte's ability to provide a consistent suite of tools across member firms, a cornerstone of its global strategy.
"To create value and growth, Deloitte combines a great foundational strength together with client insight and customization," said Fahoum. "Innovation and opportunity will define the year ahead, for both Deloitte and member firm clients."