By Tom Arnold
Six partners relocating to Dubai from the UK as firm announces joint corporate venture.
Deloitte hopes to take advantage of the growing private equity industry in the Middle East, which is expected to exceed $670 billion in the next 10 years, with its announcement of a joint corporate finance venture between the UK and firms in the region.
As a first step in the move, the professional services firm is relocating six partners from its UK divisions and other member firms to the region.
The joint venture company, Deloitte Corporate Finance Limited, which is registered and authorised by the Dubai Financial Services Authority, will initially focus on offering advice on mergers and acquisitions, valuation and business modelling and IPOs.
It will also provide advisory services on forensic and dispute services as well as Islamic finance advice in the GCC market
“The Middle East is a very important region, with strong sustained economic growth and immense investment firepower,” said John Connolly, Deloitte global chairman and UK firm senior partner and chief executive.
“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, said: “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.”
Deloitte said it had plans to grow the range of services offered by the new business.