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Deloitte creates corporate finance joint venture in the Middle East
 
 Deloitte is setting up a
corporate finance joint
venture between its UK
and Middle East firms to
take advantage of the
Middle East’s investment
boom.
   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.
   John Connolly,
Deloitte global chairman
and UK firm senior
partner and chief
executive, commented:
“The Middle East is a
very important region,		 
  
   
 
 
 
 
 Middle East is expected
to exceed $670bn in the
next 10 years. Strong
fundamentals, rapid
growth and greater
availability of funding
means that deals are set
to grow in size from
millions to billions.”
   The business will be
led by Chris Ward,
global head of corporate
finance advisory at
Deloitte. He commented:
“We have ambitious plans		 
 to grow the new
business, both in size
and in the range of
services offered.”
   The new company will
be located in Dubai and
six partners from the UK
and other member firms
are relocating there.
The workforce is
expected to grow to 120,
as the company plans to
have a presence in
Riyadh, Kuwait City,
Doha and Abu Dhabi.		 
 with strong sustained
economic growth and
immense investment
firepower.”
   Chairman and chief
executive officer of
Deloitte & Touche Middle
East, Omar Fahoum,
added: “The private
equity industry in the		 
 
PwC to reshape organisation network
 
 PwC is proposing to
reorganise its network
of member firms into
three major geographic
clusters led by the
senior partner of the
largest national firm in
each cluster.
   PwC said one of the
key benefits of the new
cluster structure is		 
 that it will enable PwC
to increase further its
focus on emerging
markets, which it
believes will be the
engine of much of its
future growth – allowing
greater flexibility and
speed when making both
investment and
acquisition decisions. 		 
    As part of its new
organisational
structure, PwC will
change the leadership
model of the PwC global
network; extend the
standards each PwC
member firm is obliged
to follow; and institute
a number of key
organisational		 
 processes.
   The PwC network will
be led by a new Network
Leadership Team
comprising Samuel A.
DiPiazza Jr., PwC’s
Global CEO, plus the
senior partners of PwC’s
UK, US and China firms.
Hans Wagener, senior
partner of PwC Germany		 
 will also join the
leadership team.
   The proposed changes
must be approved by vote
by the member firms. The
voting is expected to be
completed by late
September.		 
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