Shaping the next 90 years


ME PoV Fall 2016 issue

Shaping the next 90 years

About this issue

There have been over 90 events and inventions that have reshaped the course of history over the past 90 years: landing on the moon, supersonic commercial flight, mobile phones, a global virtual yearbook…to name but a few.

The Middle East North Africa region has also seen its share of momentous events. With the definitive demise of the Ottoman Empire in the 1920s, countries in the region claimed their independence from their European administrators, most of them indeed becoming countries for the first time. The unification of Saudi Arabia in 1932, the formation of the Gulf Cooperation Council in 1981, the nationalization of the Saudi Arabian oil industry in 1973 are some of the events that have shaped the area. Punctuated by wars, revolutions and uprisings, the area has also witnessed great industrial, technological, educational, social advances that have made the Middle East a pivotal player in global politics and finance.

Throughout these events and occurrences, Deloitte has grown in the Middle East, this year celebrating 90 years as a leader in financial, auditing and consulting services. Some of these events have divided the financial world into pre- and post- modes. Nowhere is this more evident than in the consulting, auditing and accounting world, with new standards and regulations continually evolving.

The Fall 2016 issue tackles several hot topics: from Islamic Finance and medical tourism in the UAE to maximizing value in a family business, nationalization of the Saudi workforce, accounting and audit new standards and Integrated Reporting.

Click the link on the left to access the Fall 2014 issue. Alternatively, you can read each article separately by clicking below.

Shaping the next 90 years

Change is inevitable

The business arena is poised for a series of significant changes in certain accounting and auditing standards impacting different stakeholders, especially in regard to the high level strategies and Enterprise Resource Planning (ERP) systems and processes.

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Islamic banking and finance

Ambition vs. growth

The opportunity presented to the Islamic finance industry–which had achieved strong growth by 2008–as an alternative mode of finance that would be more ethical and fair than the conventional banking system that brought the world’s financial markets to a grinding halt, was the first such opportunity since its inception back in the 1960s. The sector has grown considerably, with assets over US$2 trillion in 2015, and growth expected to accelerate further and surpass the US$3 trillion mark by 2020.

This figurative bed of roses is not free of thorns however, as issues of liquidity and reporting standards threaten to create a dissonance between the growth and ambition of the Islamic finance industry.

Disruptive innovation

Institutions offering Islamic Financial Services (IIFS) need to revamp their Governance, Risk and Compliance (GRC) practices in order to drive sustainable growth and ultimately reinvent the value proposition of Islamic finance.

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Islamic megabank

Islamic Finance Institutions (IFIs) are currently present in over 70 countries, half of which are non-Muslim countries. This widespread network of IFIs is supported by organizations such as the Islamic Development Bank, which played a major role in triggering the launch of Islamic Finance operations in several countries including Malaysia and Iran. Other organizations have also been established to support the Islamic Finance industry’s growth: in 2002 the Liquidity Management Center (LMC) and International Islamic Rating Agency (IIRA) were both established and in 2009, the International Islamic Liquidity Management (IILM) was established. 

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Test. Plan. Train. Repeat.

The year 2016 could well be remembered as the year the Kingdom of Saudi Arabia’s long-term ambition to localize its workforce really gathered momentum. More structure, definition and intent are now giving this 30 year-old vision solid grounding.

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The healing touch

Rising healthcare costs and lack of access to medical facilities are forcing the modern consumer to look for alternatives beyond borders to service their medical needs. Globalization and the internet have fueled the growth of medical tourists across the world. The United Arab Emirates (UAE), with Dubai as lead pole bearer, is poised to reap the benefits of this boom due to the quality of its healthcare facilities, skilled professionals, excellent infrastructure, government initiatives and strategic location.

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As leadership within family businesses transitions to the next generation, there is a renewed focus on maximizing and enhancing the family’s wealth.

Our research has shown that one of the most significant challenges now facing family businesses is how to maintain the balance between business goals (such as growth) and family goals (such as maintaining family values and protecting the family wealth.) The challenge is magnified with the development and globalization of financial markets, which has increased the accessibility, and in turn, the opportunity as well as the risk. 

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IR you reporting optimally?

The Capital Markets Authority (CMA) in Kuwait recently launched guidelines that provide listed companies with a head start for driving Integrated Reporting in a clear and concise manner.

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