Deloitte to Open Iraq Office

Global accounting and audit firm Deloitte plans to open its first office in Iraq and is working on an add-on acquisition to grow its Middle Eastern presence, according to report from Reuters.

Omar Fahoum, chairman and chief executive of Deloitte Middle East, told Reuters that the company will open a branch in Baghdad in the first quarter of 2011.

"We have many clients, mainly in the oil and gas industry, that are in Iraq, but we are also looking to serve the local economy," Fahoum said.

Deloitte employs 2,200 people in the Middle East, and was an advisor to state conglomerate Dubai World on the restructuring of its nearly $25 billion in debt.

According to Fahoum, Deloitte has hired around 1,000 people in the past two years alone in the region and aims to continue to grow at that rate.

It is currently in talks for the acquisition of an advisory firm active in the region, which could be completed in the first quarter of next year, he added.

(Source: Reuters)