Ernst & Young grows in Middle East

Date: 22-11-2007
Source: Mist News

At its Middle East Annual Partners Meeting held this month in Cairo and attended by the firms senior partners from across the world, Ernst & Young, one of the worlds preeminent professional services firms and the regional market leader, unveiled plans to further widen and solidify its leadership position in their key global market of the Middle East.

In the Middle East, the firm is launching several initiatives and programs focused on providing tailored services to their clients. These include the introduction of the Exceptional Enterprise Model, the IPO Retreat Financial Risk Services and a focus on Sovereign Wealth Funds. In September, the firm had introduced the Ernst & Young Middle East Entrepreneur of the Year Awards Program to the region and will be announcing the regional winner in February 2008.

In addition, Ernst & Young Middle East is announcing the establishment of its new office in Tripoli, Libya, and is now the first of the Big 4 global professional services firms to have fully-owned offices in countries of the Middle East and North Africa.

The office commences operations on 4th November 2007 with approximately 25 local and expatriate professionals who have significant country and industry expertise. These initiatives form part of the key priorities and supporting initiatives that Ernst & Young has set with a view to drive the firms global operations and growth in 2008.

Ahmed Al Aiban, Chairman, Ernst & Young Middle East said: “Our firm has experienced strong performance for the year 2006-2007; revenues in the Middle East have grown by 30%. However, we are aware that complete commitment from everyone is critical to executing our priorities. As market leaders, we need to remain a step ahead and this cannot be done without involvement from all our people. Ernst & Young generates revenues of US$21 billion globally, drawing on the strength of over 130,000 people across 140 countries.”

Currently, a majority of the top 500 regional companies by revenue and market capitalization, as listed by Al-Iktissad Wal-Aamal magazine, are clients of Ernst & Young. The firm plans to continue to widen its market leadership by growing its services with the worlds largest companies and with newly emerging ones, putting in place elaborate plans to strengthen its brand by communicating a more powerful and consistent message to its people and clients.

Stressing the importance of people, Fouad Alaeddin, Managing Partner, Ernst & Young Middle East added: “We cannot work continuously for the largest and most successful companies without recruiting and retaining the best and brightest people; during the past year, weve recruited over 980 people across the Middle East. We are deeply committed to the region and continue to recruit and develop nationals in the countries we operate in, promoting them to leadership positions. Of our 3,000 people in the Middle East, 60% are nationals of the region”