Recognition of Bahrain's status as a regional financial hub
Deloitte in the Middle East today announced the opening of a branch of Deloitte Corporate Finance Limited in Bahrain. The branch will be licensed and regulated by the Central Bank of Bahrain.
The move reflects the strength of the economic and business fundamentals that have seen Bahrain become an international business hub and a leading investment destination in the region, according to Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB).
Shaikh Mohammed said: "We welcome Deloitte's new branch to Bahrain. The pillars that have long formed the basis for steady and sustainable economic growth and stability continue to attract international business to the Kingdom. As we build on the economic reforms and achievements that we have made over the past decade, safeguarding and continuing to grow our economy - and our strong and vibrant private sector - is vital to providing better opportunities for all Bahrainis."
"Bahrain was selected for the location in recognition of Bahrain's status as a regional financial hub," said Roger Nasr, Managing Partner, Deloitte Bahrain.
The opening of the new branch reflects the success and growth of Deloitte Corporate Finance Limited, which now has teams in 6 locations across the Gulf and employs around 150 people. It represents an extension of Deloitte Bahrain's offering and provides services that include advising on and arranging corporate finance transactions.
According to Mr. Ahmed Al-Bassam, Director of Licensing & Policy, Central Bank of Bahrain stated "We welcome Deloitte's decision to set up a regional branch of DCF in Bahrain". He further added "this branch is licensed to provide corporate finance solutions to clients based in Bahrain as well as in the region. In addition the provision of Islamic financial advisory services we believe, will contribute significantly to the development of the Islamic finance industry".
"The establishment of a branch of Deloitte Corporate Finance Limited in Bahrain represents yet another significant milestone in Deloitte's strategic investment in the Middle East region," said Dawood Ahmedji, General Manager, Deloitte Corporate Finance Limited in Bahrain.
In addition to the main Deloitte office and the Deloitte Corporate Finance Limited branch, Deloitte selected the Kingdom for the location of its regional Islamic Finance Group, which was launched in 2010. Bahrain is a pioneer in Islamic finance, having been the first in the Middle East to nurture the concepts, rules and common standards of Sharia compliance.
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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years. Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,400 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010 and 2011 Rankings), a Hewitt Best Employer in the Middle East (2009) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.
About Deloitte Corporate Finance Limited
"Deloitte Corporate Finance Limited ("DCF") is a Company limited by shares, registered in Dubai International Financial Centre with registered number CLO 748 and is authorized and regulated by the Dubai Financial Services Authority. A list of members is available for inspection at Currency House, Building 1, Dubai International Financial Centre, the firm's principal place of business and registered office. Tel: +971 (0) 4 506 4700 Fax: +971 (0) 4 327 3637
Deloitte Corporate Finance Limited is an affiliate of the UK and Middle East member firms of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. DCF provides a broad range of financial advisory services including advice and support for M&A transactions, capital raising, restructuring, valuations and fraud investigation services.
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
Contact:
Ayad Nahas
Title: Regional Public Relations Manager
Deloitte Middle East
Tel: 00961. 1. 748 444
Email: anahas@deloitte.com
© Press Release 2011
