Business

The Middle East, a region rich in diversity and potential, has seen a significant rise in the number of private companies over the past few years. This growth has been fueled by a combination of factors, including favorable government policies, a young and dynamic population, and a growing emphasis on diversification. As a result, the landscape for private companies is full of opportunities for growth and expansion, making it an attractive destination for both entrepreneurs and investors. The region is home to some of the largest and most prominent private businesses, which are investing not only within the Middle East but also globally.

Deloitte Middle East plays a pivotal role in supporting these private companies on their growth journey. Our services provide the necessary assurance to stakeholders about the integrity of financial information, which in turn fosters trust and confidence in the business ecosystem. We help private companies navigate the complexities of regulatory compliance, manage risks, and improve operational efficiency, thereby enabling them to focus on core business activities and growth strategies.

Private companies are the lifeblood of the business ecosystem, contributing significantly to economic growth, job creation, and innovation. In our recent global research, we polled current and next-generation family members to better understand perceptions, plans, and attitudes across multiple dimensions of the family business. From risk and technology opportunities to issues of trust and the confidence to move forward, the results indicated divergence in many areas and outlined the top trends impacting family businesses today – many of which we continue to support them through.

Cynthia Corby, Deloitte Private Audit & Assurance Leader at Deloitte North South Europe, emphasizes this point, stating, "Private companies are the engine of the economy. Despite economic and geopolitical uncertainty, family offices remain optimistic about their ability to navigate rocky terrain, as 70% expect to see their assets under management (AUM) rise in 2024, while 79% expect the family’s total wealth to increase based on our global research. Their success is our success. At Deloitte, we are committed to providing family businesses with the support they need to thrive in an increasingly competitive and complex business environment and unlocking new trends such as environmental, social, and governance (ESG)."

At Deloitte Middle East, we have worked with numerous private companies across the region, providing audit, assurance, and tailored business solutions to support their growth. Many of our clients have expanded internationally, and our emerging growth clients are focused on continuing their growth through the business lifecycle, with the goal of accessing capital markets. As trusted advisors, we work with our clients to support them through each stage of the business journey. 

Badr El Hassan, Deloitte Private Audit & Assurance Leader for the Middle East, echoes this sentiment. He says, "Our role goes beyond providing audit and assurance services. We are partners in growth, working alongside our clients to help them realize their full potential. We believe in the power of private companies to drive economic growth and social progress in the Middle East."

As we look towards the future, the growth of private companies in the UAE, KSA, and the wider GCC region remains a key focus. These markets present immense opportunities for private companies, and we are committed to continue supporting them in their growth journey. Through our tailored Deloitte Private offerings—focused on family business, private equity, and emerging growth companies—we will continue to provide the necessary solutions to help these companies navigate the complexities of the business landscape, seize growth opportunities, and drive impactful value. 

Deloitte Middle East continues to create lasting impact by envisioning better futures and pioneering industry-defining innovations that empower business leaders to drive change and deliver enduring value. Our success in restructuring Emirates Hospitals Group under the UAE Bankruptcy Law, led by our Turnaround and Restructuring team, is a testament to our commitment to delivering exceptional service and creating lasting value for our clients.

Approved by the court and the majority of creditors, this milestone in the successful implementation of the restructuring involved establishing a new creditor-owned corporate structure, installing a new senior management team and board, securing new funding, and implementing a strategic recapitalization to align debt service capacity with commitments to strengthen the group’s future. The restructuring has preserved over 2,000 jobs, ensured continued access to medical care, and positively impacted the local economy. Notably, it marks the first successful large-scale and complex restructuring under the UAE Bankruptcy Law.

This achievement in successfully leading the first high-profile onshore bankruptcy case in the UAE exemplifies that our team, which includes insolvency specialists, is uniquely positioned to support creditors and debtors in their use of the UAE Bankruptcy Law to provide successful restructuring solutions. By combining our deep industry knowledge with robust analytical capabilities, we were able to deliver valuable insights and strategic guidance that were instrumental in facilitating this complex restructuring.

The successful completion of this project is a testament to our commitment to delivering exceptional service and creating lasting value for our clients. By working closely with Emirates Hospitals Group, we were able to understand their unique needs and objectives, providing tailored solutions that aligned with their strategic vision. This collaboration not only highlights our technical proficiency but also our dedication to fostering strong, long-term relationships with our clients.

As we continue to support our clients in navigating complex financial challenges and achieving their strategic goals, we remain committed to driving meaningful change and delivering impactful results. Our successful restructuring of Emirates Hospitals Group serves as a powerful example of how we can help our clients seize opportunities and achieve success in a rapidly evolving market.

Deloitte Middle East's latest engagement underscores our role as a trusted advisor and partner, offering unparalleled expertise and innovative solutions that empower our clients to thrive. We look forward to continuing our journey of creating lasting impact and driving positive change in the region.

At Deloitte Middle East, innovation remains at the core of our strategy. We are continuously evolving to meet the dynamic needs of our clients, transforming industries with innovative solutions, and building strong, long-term partnerships that position us as key allies in driving success. 

The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) have launched a new financial technology program called Makken, aimed at supporting and developing the country’s fintech sector. The program, which means "empower," is designed to assist entrepreneurs and startups in the Saudi fintech industry by providing financial support, along with a comprehensive suite of advisory and coaching services.

Deloitte has been selected as the key partner for this game-changing initiative, leveraging its cloud-managed services model, OpenCloud, to host the participating fintech startups. By doing so, Deloitte provides these fintechs with automation, cloud optimization, and robust cybersecurity services for multi-cloud workloads. This collaboration allows startups to deliver faster time to market and focus on building innovative products and services.

Our partnership with the fintech program not only empowers the growth of this crucial sector in the Saudi economy but also drives its transformation. Deloitte’s OpenCloud platform will deliver fintechs with cloud infrastructure that enables swift delivery to support secure, compliant, scalable, and agile operations. This will empower startups to concentrate on building their pioneering products and services successfully. 

This partnership is a unique collaboration, bringing together multiple leading global cloud service providers and managed service providers in the Kingdom, marking a significant step in the development of Saudi Arabia’s fintech landscape.