Fueling growth in the private sector
From rapid technological developments and climate change issues to geopolitical and economic instability, the world has become increasingly challenging to navigate.
“Business as usual" is no longer an option - organizations must embrace innovative strategies more than ever to stay ahead. At Deloitte Middle East, we take pride in providing our clients with effective solutions. Over the past year, we have focused on driving meaningful progress, working diligently to ensure our clients are equipped to overcome challenges and seize new opportunities for a prosperous future.
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.
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.
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.
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)."
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."
