The firm supports Libya's economic reform and growth

Dubai, December 31, 2007: Ernst & Young, one of the world's leading professional services firms and the regional market leader, has announced the launch of its Libya operations and the establishment of its new office in Tripoli. The firm is now the first of the Big 4 professional firms to have wholly-owned offices in all countries of Middle East and North Africa. This move highlights the firm's commitment to the economic expansion and vitality of the new and open Libyan economy.

Ahmed Al-Aiban, Chairman of Ernst & Young in the Middle East comments, "We are committed to anticipating and serving our clients' needs wherever they are and Libya is a new promising growth market in the region. The establishment of our Tripoli office is a great accomplishment for our firm and we are particularly pleased to be the first of the Big 4 to have a full member firm operating in Libya under our global brand. We are already recruiting local talent and have begun assisting our clients in strengthening their operations in Libya."

The Libyan economy is witnessing fast growth and investment in a number of sectors.  These include oil and gas as well as manufacturing, which includes the production of petrochemicals, iron, steel and aluminum, and a growing tourism sector. Privatization of government-owned enterprises is progressing and the active participation of the Libyan leadership in the creation of a healthy environment for private businesses is now firmly established.

Leading the firm's efforts in establishing the Tripoli office and stressing its commitment to the growth of the local economy, Fouad Alaeddin, Managing Partner of Ernst & Young in the Middle East said: "Libya is actively responding to its surrounding environment and continues to open up to international business. Through our global and local knowledge, we hope to act as catalysts, instigating positive change in the local business landscape.

"While we will be addressing the needs of our global clients who have strengthened their operations in Libya, we hope to further develop our local relationships and encourage more of our clients to establish a presence here," he added.

The new office has opened its doors this week with approximately 25 local and expatriate professionals with significant country and industry expertise. Aiming to increase this number to 50 by the end of 2008, Ernst & Young will continue to recruit from within Libya itself, as part of its nationalisation initiatives of actively recruiting and training local talent within each country it operates. The Tripoli office will principally offer clients services in the areas of Tax, Assurance, Risk Services and Business Advisory Solutions.

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About Ernst & Young Middle East (www.ey.com/me)
The Middle East practice of Ernst & Young is an independent professional services firm, which has operated in the region since 1923 and is a full member of Ernst & Young Global.  Over the past 84 years, the firm has evolved to meet the legal and commercial developments in the region.  Ernst & Young Middle East currently has over 3000 staff working from 18 offices in 14 Arab countries. The following outlines the various professional services provided to clients in the Middle East, and are in addition to the more traditional and core services of audit, accounting assistance and taxation advisory services;

  • Assurance & Advisory Services

  • Business Risk (Internal Audit) Services

  • Business Management and Transformation Advisory Services

  • Information Technology Advisory Services

  • Technology Security and Risk Services

  • Corporate Finance Advisory Service

  • Transaction Support Services

  • Islamic Financial Services

  • Hospitality and Leisure Consultancy

  • Business Community Training

About Ernst & Young Global (www.ey.com)
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality. For more information, please visit www.ey.com

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. 

This press release has been issued by EYGM Limited, a member of the global Ernst & Young organization that does not provide any services to clients.

Sandeep Sharma                                                                                 
Weber Shandwick MENA                                                                  
+ 971 4 321 1711  
sandeep.sharma@ws-mena.com                                         

Lamice Murshid
Ernst & Young
+971 4 332 4000
lamice.murshid@ae.ey.com

© Press Release 2007