Deloitte Opens Office in Iraq
A Deloitte senior executive opened up the firm’s plan to put up an office in Iraq, its first office there, with further plan of seeking an add-on acquisition for its growth in the Middle Eastern region.
Omar Fahoum, Deloitte Middle East Chairman and Chief Executive, disclosed to the media that Deloitte will open a branch in Baghdad, Iraq in the first quarter of 2011. The announcement came after a roundtable discussion with other media in the United Arab Emirates.
He added that although Deloitte has many clients, mainly in the oil and gas industry, that are in Iraq, the firm still needs to look for ways to serve the local economy better. A recent political turmoil in the country created by an inconclusive poll results has recently returned and maimed Iraq, which actually began since the US – led invasion in 2003.
Another target area of Deloitte to heighten its major activities is Africa’s known largest oil reserves, Libya, which has just previously welcomed in foreign investors.
The firm is said to employ about 2,200 people in the Middle East. Deloitte also served as an advisor to state conglomerate Dubai World when the latter went on a restructuring process of its debt which amounted to $25 billion.
Fahoum said that Deloitte has added an approximate of 1,000 people to its employees in the region over the past two years, aiming to sustain its growth at similar rate in the coming years. Currently, Deloitte is laying down negotiations to acquire an advisory firm that is active in the Middle East, which he said could be probably completed by early next year.