The Palestinian ruled territories are situated between the Mediterranean Sea and Jordan with a combined total population of four million. Since the Oslo Accords in 1993, the Palestinian National Authority has been recognized as the executive representative of the Palestinian Liberation Organization (PLO). In the Palestinian National Authority’s Reform and Development Plan for 2008- 2010, it lays out its commitment to creating a conducive environment in which the private sector can thrive: “The Palestinian economic vision is to have a diversified and thriving free market economy led by a pioneering private sector that is in harmony with the Arab world, is open to regional and global markets, and that provides the economic basis for a free, democratic and equitable society”.
Deloitte in the West Bank was established in 1948 and is part of a regional network of firms in the Middle East as well as a member of the global Deloitte Touche Tohmatsu firm. We recognize that the special requirements of small businesses are very different from those of multinational corporations and we have the experience and the understanding to meet the needs of both. With the strength of our global organization behind us, we offer small and large companies the best of both worlds. Our personal attention and specialized knowledge are combined with the global resources and expertise of a major global organization.
With the establishment of the Palestinian National Authority, the Firm has taken a proactive approach, so that it continues to be a driving force in all initiatives taking place in the market generally, and financial services in particular. Over the years, the Firm has helped promote best practices, representing a major contribution to support the economy and promote transparency in ethical behavior and financial reporting. This tradition has its roots with the founder of the Middle East firm who was the first chartered accountant in the region, and had a strict commitment to promote the accountancy and auditing profession throughout the Arab world.
Today Deloitte in the Palestinian ruled territories continues to shape the country’s future, enhancing transparency, rule and discipline in financial reporting through its Audit services, while helping businesses overcome challenges and improve performance through its Consulting, Enterprise Risk, Tax and Financial Advisory services. The firm today audits most of the major banks in the Palestinian Ruled Territories covering 70% to 80% of the total deposits base, as well as 50% of the active insurance companies. We audit 40% of the listed companies in the Palestine financial market, and our public sector services include the largest local and international non-profit organizations, such as the World Bank, USAID, European Commission and other European countries’ aid agencies, UNDP, UNRWA, as well as the Palestinian Government.
Just as we’ve played a vital role in the growth the Palestinian ruled territories to date, we’re also very much a part of its future. Deloitte has identified the Middle East as a priority market that represents superior growth opportunities. As such, our Middle East firms, operating in 15 countries and employing almost 2,500 professionals across the region and including the Palestinian ruled territories, have been targeted for major investment. This is accompanied by a focused strategy of expansion in key business areas and a continued emphasis on recruiting and retaining the most talented professionals from the region and other countries to serve Middle East companies. Our clients benefit from the breadth and diversity of our resources in helping them manage their growth and broaden their presence in the global economy.
Combining the global insight and innovation of a worldwide firm with local knowledge and industry expertise, our people offer powerful business solutions that help our clients excel. To address the growing market needs, we have expanded our specialized professional services in the Middle East, leveraging our local and global talent in areas such as Financial Advisory Services, Enterprise Risk Services and International Tax Services. We have also continued to play a pivotal role in serving the region’s high-growth industry sectors such as tourism, hospitality and leisure, construction, telecoms and financial services, as well as major sectors such as oil and gas, the public sector and the Gulf region’s sovereign wealth funds. Our Middle East knowledge centers are a testament to our specialized capabilities in strategic services and industries.