Chris Nelson, Big4.com
9 November 2010
(blog)You have become the largest accounting firm on the face of the earth.
You have to continue to grow to keep ahead of a very close competitor.
You are practically on every country on the planet.
Save a few.
Yes, you ve guessed it – the firm is Deloitte and one of the countries it is not operating in is Iraq. While the country is certainly war ravaged and has a constant stream of internal disruptions, it has a very valuable resource – oil, by many accounts with humongous reserves only second to Saudi Arabia.
So we hear that Deloitte wants to open its first office in Iraq in Q1-2011 and planning an add-on acquisition to enhance its Middle Eastern presence, according to Omar Fahoum, chairman and chief executive of Deloitte Middle East,who told Reuters following a roundtable discussion with other media in the United Arab Emirates
“We have many clients, mainly in the oil and gas industry, that are in Iraq, but we are also looking to serve the local economy,” Fahoum said.
Deloitte also wants to increase its activities in Libya, but it already has a presence in that country. The firm has about 2,200 employees in the Middle East, having hired 1,000 people in the past two years alone in that region. Deloitte has ambitious targets to continue along that high growth trajectory. Islamic finance, a global industry worth nearly $1 trillion, as one of Deloitte’s growth areas for its Middle Eastern platform.
Deloitte is certainly not the first of the Big Four firms to be in Iraq – both PricewaterhouseCoopers PwC and Ernst & Young E&Y have offices in that country. KPMG appears to have no presence in Iraq. Neither Accenture nor Capgemini have offices in Iraq at this time.
So, it appears that Iraq is coming out of its war-torn status and attracting the top professional firm in the world, where the oil flows, business goes for sure. (blog)