Cfo Survey 2010

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Cfo Survey 2010

  1. 1. Deloitte Middle East CFO Survey A front row view of performance expectations Eighty five years in the Middle East June 2010
  2. 2. This quarter’s special questions look at the role of the CFO in the Middle East: how CFOs divide their time among the four dimensions of Strategist, Catalyst, Steward and Operator
  3. 3. Contents Key points 4 The second Middle East CFO Survey 7 Government: a catalyst for sustained growth 8 Financing the corporate sector 9 The need for stronger balance sheets 14 Financial prospects and plans 16 The market view 18 The role of the CFO 23 A comparison of Deloitte CFO surveys 27 in the Middle East and abroad Here to meet your needs 28
  4. 4. Key points * The region’s resilience With the price of oil hovering in the mid $80 range Key points from the survey “The Middle East, particularly the energy-rich Gulf, has been the region (well above most governmental budget forecasts), • The majority of CFOs do not see the need for further least hit by the economic downturn, and GDP growth in many Middle Eastern countries government intervention or stimulus measures at this the Paris-based credit insurance group Coface said at a conference being revised upward relative to six months ago, the time, however they believe that governments in the on Tuesday. region is emerging into economic recovery albeit with region have the capacity to do more in the future "Middle East countries have shown caution and continuing uncertainty. should the need persist. resilience being able to maintain • CFOs see the markets for external finance as having positive growth of 1.4 percent in The current economic climate matches the sentiments improved over the past six months particularly for 2009," Coface said at a one-day country risk conference organised expressed by Chief Financial Officers (CFOs) in the 1st bank borrowings and equity raising. However, most with Kuwait-based Arab Investment Deloitte Middle East Survey–Leading the Way in October believe it is still not a good time to be accessing the and Export Credit Guarantee Corp. 2009. Indeed, the overall sentiment of CFOs in the markets for external finance. The group has calculated what it region looking into 2010 proved to be consistent with • An increasing number of CFOs expect their calls the "growth shock" of the global financial crisis by taking the views recently expressed in international news, that have company’s operating cash flows to increase over percentage point difference in GDP highlighted the region’s resilience to the crisis*. the coming 12 months. growth between 2007 and 2009. • CFOs continue to view company balance sheets For the whole world, GDP growth In this second survey, conducted in March 2010, declined 5.8 percentage points while as being overleveraged though with little change results indicate that CFOs have favorable views toward it fell 3.6 percentage points for the for planned levels expected in their own company Middle East, just ahead of emerging government actions in supporting the economy, the Asia which fell 3.9 percentage balance sheets over the coming 12 months. banking environment beginning to stabilize, and the points, Coface said. • There is an increase in optimism reported by CFOs outlook for general business activity improving. When "Everyone thinks that the best relating to the financial prospects for their company looking at their own balance sheets, however, CFOs do region in the crisis was emerging over the coming 12 months with a consistent view Asia, but in fact it was the Middle not seem to have achieved any significant deleveraging East," Coface CEO Jerome Cazes told from the last survey that growth in demand for the over the past six months so financial risks remain which AFP in a telephone interview as he company’s products and services will accelerate in could not attend because of travel should be monitored and tracked closely. disruption in Europe resulting from the second half of 2010. the volcanic ash cloud from Iceland. This quarter’s special questions look at the role of • Commercial real estate continues to be viewed as Mideast least hit by global the CFO in the Middle East: how CFOs divide their time overvalued compared to equities while government downturn, forum April 23, 2010 among the four dimensions of Strategist, Catalyst, bonds are perceived as increasingly over valued over Agence France Press Steward and Operator. The results indicate that they the past six months. spent considerable time on activities within their • There is continued optimism around an increase in Stewardship and Operator spaces during the downturn expected M&A activity over the coming 12 months. tackling issues such as risk management, cost reduction, • A significant number of CFOs are reporting that cash flow management and accounting but are looking they direct a number of corporate functions which forward to spending more time as Strategists and are outside of the core finance area. This could lead Catalysts to position their organizations for the upturn to a lack of focus and underperformance of their and drive enterprise value. CFOs also reported an almost primary mandate. equal distribution of responsibilities in a number of areas • CFOs view the responsibility for performance in a between their organization’s management and the number of corporate areas as being evenly shared board of directors to an extent that calls into question between the Board of Directors and the Management. the clarity of the roles and responsibilities between these This insight may raise the following question: Does two groups. Further, CFOs believe they are sufficiently sufficient clarity exist in these organizations over authorized and empowered to execute their who is responsible for what and to what extent? responsibilities as CFOs, which is potentially good news • CFOs expect to invest more time executing as if their roles and responsibilities reflect a balance of the Strategists and Catalysts and less as Operators and four dimensions mentioned above. Stewards over the coming year. A front row view of performance expectations • Deloitte Middle East CFO Survey • 5
  5. 5. The Deloitte CFO Survey is the only survey in the Middle East for major corporate users of capital that gauges attitudes toward the general economic outlook, financing valuations, and risk 6 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  6. 6. The second Middle East CFO Survey A special note This is the second survey for CFOs and Finance Leaders Going Forward on “Black Swans” The ‘Black Swan Theory’ is defined of Middle East companies and it was conducted in The value of the survey data increases with the ability as an event or occurrence that March 2010. The Deloitte CFO Survey is the only survey to identify trends and possible turning points. In this deviates beyond what is normally expected of a situation and that is for major corporate users of capital that gauges regard we are looking forward to the next edition extremely difficult to predict. This attitudes toward the general economic outlook, of the Deloitte Middle East CFO Survey and value term was popularized by Nassim Nicholas Taleb, a finance professor financing valuations, and risk. your ongoing participation. and former Wall Street trader, in his 2007 book The Black Swan. Since There were 134 respondents overall representing both Participate in Future Surveys the first CFO survey was released last October we have witnessed listed and non listed companies reflecting the following If you would like to participate in an upcoming CFO a number of such unexpected industry and annual turnover distribution: Survey we kindly invite you to contact us and inquire events which have had a significant economic impact on a local as regarding participation. well as regional and global level. Less than $100m 35% James Babb From earthquakes and volcanic eruptions to increased geopolitical CFO Program Leader tensions, CFOs now more than ever need to look ahead and think Deloitte Middle East “outside the box” in terms of the $100m-$499m 31% Tel + 971 (0) 4 331 3211 unexpected and how it might impact their organizations. Organizations jbabb@deloitte.com need to appraise their ability to absorb such unpredictable Black $500m-$999m 16% Survey respondents – Country-wise Swan events in a robust way and even, in a best case scenario, to exploit them as positive opportunities. Country N0 of respondents For example, how would the UAE 33 $1bn-$4.9bn 14% following impact your organization as a result of a periodic or Kuwait 5 sustained disruption? Qatar 4 • No telecommunications? • No air travel? >$5bn 5% Jordan 24 • No distribution of resources or products to/from geographies Egypt 3 outside the home country or the region? Saudi Arabia 14 • The collapse of a major Financial Services market competitor? Industry 36% Syria 6 Sudan 2 Telecom, Media Bahrain 5 6% & Technology Lebanon 2 Real Estate Oman 5 20% Hospitality & Leisure Anonymous* 31 Total 134 Energy/Utilities 12% *Survey invitees were given the option to provide demographic data, some chose not to disclose this information. Manufacturing 10% Consumer Business 17% & Transportation A front row view of performance expectations • Deloitte Middle East CFO Survey • 7
  7. 7. Government: a catalyst for sustained growth Capacity for additional government stimulus measures CFOs believe governments continue Significant 26% to have the capacity for additional extra scope 41% stimulus measures but that no additional measures should be Some extra scope 59% taken at this time 49% CFOs believe governments continue to have the capacity for additional stimulus measures but that no Little or no 15% extra scope additional measures should be taken at this time. This 10% is further corroborated by a recent IMF report calling for governments in the region to maintain the fiscal stimulus steps already in place: “Government investment Oct-09 programmes, especially in infrastructure, will continue Mar-10 to boost domestic demand in the near term in many economies in the Middle East and North Africa. These measures should remain in place to help Are there additional government measures cement the recovery.” IMF urges GCC to keep fiscal stimulus steps in place. April 25, 2010 Emirates 24/7 which should be taken at this time? 36% Yes For those CFOs who responded in the positive, 38% the following were prevalent as specific suggested measures: 64% None • More effective rent regulations to control inflation 62% • Liberalization of residency status and elimination of sponsorship requirements • Increased support for small and medium Oct-09 sized enterprises Mar-10 • Improved pace of reforms to reduce governmental bureaucracy • Completion of the Dubai World restructuring with banks • Increased levels of foreign investment and ownership percentages 8 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  8. 8. Financing the corporate sector CFOs’ views on the attractiveness of external funding How do you currently rate corporate debt as a have improved over the last six months for bank source of external funding for companies? borrowings and equity with increased favorable views (net) of 17% and 38% compared to the last survey. This is in contrast to corporate debt which saw its 13% Very attractive attractiveness decline by a net of 6% most likely due 11% to the numerous credit rating downgrades and debt restructuring announcements occurring since that time. Somewhat 34% How do you currently rate bank borrowing as attractive 36% a source of external funding for companies? Neither attractive 23% 17% nor unattractive 16% Very attractive 20% Somewhat 20% 39% unattractive 31% Somewhat attractive 44% 11% Very unattractive Neither attractive 15% 6% nor unattractive 17% Oct-09 22% Mar-10 Somewhat unattractive 14% Is now a good time for companies to issue debt? 6% Very unattractive 5% 47% Yes 49% Oct-09 Mar-10 53% No 51% Oct-09 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 9
  9. 9. While CFOs view bank borrowings and equity as being Is now a good time for companies to issue equity? Debt markets closer to recovery Conventional bond activity in the more attractive as available sources of external finance six-nation Gulf Cooperation Council compared to six months ago, they are not yet ready to (GCC) tumbled by nearly 70 per 27% cent in the first quarter of this year access the markets. Most CFOs expect the supply and Yes compared with its average in the price of new credit to improve over the course of the 33% previous three quarters, said NCB Capital, an affiliate of National second half of 2010 and first half of 2011. Commercial Bank, the largest bank 73% in Saudi Arabia by assets. How do you currently rate equity as a source No The sukuk (Islamic bonds) market in of financing for companies? 67% the region suffered more, with the value of their issuance plummeting by around 81 per cent, in sharp contrast with South-east Asia, where Oct-09 the value shot up by nearly 114 per 14% cent. While prospects for such Very attractive Mar-10 activities in the GCC remain bleak in 19% the near term, they are expected to brighten in the medium- and long- term as regional economies gain steam on the back of firm oil prices. Somewhat 27% "However, we see an encouraging attractive 38% outlook in the medium- to long- term. The GCC debt market holds significant potential given the long- term financing needs of the region and the size of the current pipeline. Neither attractive 19% But structural risks such as ambiguous nor unattractive insolvency provisions and a lack of 24% clarity among sukuk structures, will require greater attention than they have received to date." According to the report, the growing optimism that Somewhat 32% characterised GCC debt markets unattractive during much of 2009 seems to have 15% largely evaporated during the first quarter of 2010 due to uncertainty and an expected improvement in bank credit. 8% Very unattractive Oil price surge to trigger GCC 4% bond activity, April 25, 2010 Emirates 24/7 Oct-09 Mar-10 10 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  10. 10. How would you rate the overall cost of new How would you rate the overall availability credit for companies? of new credit for companies? Easily 4% 19% Very costly available 9% 16% Somewhat 22% 58% available 36% Fairly costly 52% 13% Neutral 11% 13% Neutral 21% Somewhat 49% hard to get 30% 10% Fairly cheap 11% Very hard 11% to get 15% Oct-09 Oct-09 Mar-10 Mar-10 How would you characterize the current level of When do you expect to see an improvement in short-term market interest rates? the supply and price of new credit available for your business? 10% 2010 H1 5% Very high 13% 32% 2010 H2 32% Quite high 35% 2011 H1 41% Neither high 23% or low 21% 2011 H2 15% 23% Quite low 23% 2012 H1 5% 11% Very low 2012 H2 3% 8% Oct-09 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 11
  11. 11. Are you likely to issue debt over the next Are you likely to issue equity over the next 12 months? 12 months? 24% 11% Very likely Very likely 19% 12% 44% 15% Quite likely Quite likely 44% 25% 12% 22% No view No view 18% 17% 18% 18% Quite unlikely Quite unlikely 8% 13% 4% 32% Very unlikely Very Unlikely 11% 33% Oct-09 Oct-09 Mar-10 Mar-10 How do you expect operating or free cash flow for your company to change over the next 12 months? Most CFOs expect the supply and Increase by 11% price of new credit to improve over more than 20% 10% the course of the second half of Increase 10-20% 26% 34% 2010 and first half of 2011 45% Increase by 0-10% 31% Remain unchanged 12% from current levels 18% 7% Decline 7% Oct-09 Mar-10 12 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  12. 12. The need for stronger balance sheets How has the level of financial risk on your balance sheet changed over the past 12 months? CFOs would do well to continue to monitor the risks on their balance sheets Increased a lot 13% 9% Many CFOs still believe that company balance sheets are overleveraged yet continue to indicate they are Increased a little 45% looking to increase financial leverage in their own 42% company’s balance sheets over the next 12 months. CFOs would do well to continue to monitor the 24% No change risks on their balance sheets with a view to further 31% de-leveraging and restructuring debts as liquidity comes back into the system. Decreased a little 15% 15% 4% Decreased a lot 3% Oct-09 Mar-10 Generally speaking, do you think company Do you think cash returns to shareholder ratios balance sheets are: are relative to normal levels? 49% 14% Over-leveraged High 51% 14% 42% 44% Appropriately Normal leveraged 39% 49% 9% 42% Under-leveraged Low 10% 38% Oct-09 Oct-09 Mar-10 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 13
  13. 13. Is it a good time to be taking greater risk into What is your aim for your level of financial your balance sheets? leverage over the next 12 months? 27% Yes Raise 19% 36% significantly 12% 73% No 45% 64% Raise slightly 48% Oct-09 23% Mar-10 No change 28% 13% Reduce slightly 11% Reduce significantly 1% Oct-09 Mar-10 14 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  14. 14. Financial prospects and plans CFOs are generally more optimistic about the financial When will growth in demand for your company’s prospects for their company than they were six months products and services accelerate? ago and expect the demand for the company’s products and services to accelerate over the coming 12 months. 2010 H1 4% Compared with six months ago, how do you feel about the financial prospects for your company? 2010 H2 38% 2011 H1 34% Significantly 11% more optimistic 9% 2011 H2 12% 51% Somewhat more optimistic 2012 H1 9% 60% 23% 2012 H2 3% Broadly unchanged 16% Somewhat 15% less optimistic 12% Significantly less optimistic 3% Oct-09 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 15
  15. 15. The market view The majority of CFOs still see commercial real estate as overvalued relative to equities with government bonds increasingly less attractive. This suggests that despite the The majority of CFOs still see overall decline in real estate prices, CFOs expect better returns in the near term for equities and potentially commercial real estate as overvalued believe that the sovereign default risk of government bonds has increased over the last six months but is not relative to equities with government yet fully reflected in the prices. bonds increasingly less attractive How do you currently rate commercial real estate How do you currently rate equity valuations? valuations? 14% 5% Very overvalued Very overvalued 14% 9% Somewhat 52% Somewhat 33% overvalued 50% overvalued 24% 18% 25% At fair value At fair value 20% 39% Somewhat 12% Somewhat 32% undervalued 15% undervalued 24% 3% 4% Very undervalued Very undervalued 2% 4% Oct-09 Oct-09 Mar-10 Mar-10 16 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  16. 16. In a year’s time where do you expect major How do you currently rate government equity indices to be? bond valuations? 14% 3% Significantly higher Very overvalued than today 13% 8% Somewhat higher 58% Somewhat 24% than today 55% overvalued 27% 20% 48% Broadly unchanged At fair value 25% 53% Somewhat lower 5% Somewhat 21% than today 7% undervalued 12% Significantly lower 3% 3% Very undervalued than today 1% Oct-09 Oct-09 Mar-10 Mar-10 CFO expectations for increases in PIPE deals (private How do you expect private equity acquisition investment in public equities) may be somewhat over activity in the quoted exchange market to change estimated given that taking companies private in the key in the next 12 months? markets of the Middle East is difficult to execute as a result of a regulatory framework that tends to strongly protect retail investors. 13% Increase significantly 8% CFO expectations for increases Increase somewhat 64% 65% in PIPE deals (private investment in public equities) may be No change 13% 24% somewhat overestimated Decrease 11% somewhat 3% Oct-09 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 17
  17. 17. CFOs believe their company’s equity values are being increasingly priced fairly by the market compared to six months ago which may further underpin the commencement of an economic upturn 18 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  18. 18. There was strong growth in the value of mergers and Interestingly, CFOs believe their company’s equity values acquisition (M&A) activity in the Middle East in the first are being increasingly priced fairly by the market quarter of 2010, with deals up 138 per cent in value and compared to six months ago which may further 33 per cent in volume terms over the previous quarter. underpin the commencement of an economic upturn. According to the latest M&A Report from Zephyr, the Do you believe that your equity is mispriced by M&A database published by Bureau van Dijk (BvD), the the market? $8.5 billion (Dh31.2bn) worth of deals recorded in the region over the just concluded three-month period was more than double the $3.59bn worth of deals 5% concluded in Q4 2009. Very overvalued 4% Source: UAE leads as M&A value doubles (Emirates 24/7) 4/4/10 Somewhat 17% CFO expectations in October 2009 for increasing M&A overvalued 20% activity in the region were right on the mark and with an economic upturn now in focus in the region, 20% continuing increases in M&A activity in terms of value At fair value 40% as well as number of transactions should be expected. Somewhat 48% Over the next 12 months how do you expect undervalued 25% levels of M&A to change? 10% Very undervalued 11% Increase 18% significantly 10% Oct-09 66% Mar-10 Increase somewhat 63% 13% No change 24% Decrease 2% somewhat 2% Decrease 1% significantly Oct-09 Mar-10 A front row view of performance expectations • Deloitte Middle East CFO Survey • 19
  19. 19. Most CFOs ideally believe they should be spending a larger proportion of their time in their roles of strategist and catalyst for improvements, instead of the traditional roles as operator and steward of the business
  20. 20. The role of the CFO Average % of time spent 35% 30% 30% 25% 28% 27% 27% 26% 25% 25% 24% 23% 23% 20% 22% 21% 15% 10% 5% 0% Steward Operator Catalyst Strategist Roles Last year Coming year Ideal Most CFOs ideally believe they should be spending a protecting and preserving assets in getting the financial larger proportion of their time in their roles of strategist basics right. Economic conditions have had a huge and catalyst for improvements, instead of the traditional impact on the role of the CFO within the organization. roles as operator and steward of the business. As an There has been a swing away from the broader roles of average, only 46% of the time spent in their role last strategist and catalyst towards the steward and operator year was to provide strategic insight and act as a catalyst roles – tracking financial performance, preserving for improvement, with the other 54% was spent on financial health and reining in spending. A front row view of performance expectations • Deloitte Middle East CFO Survey • 21
  21. 21. Which functions report to you in your roles as CFO? 3% 25% 33% 49% 18% 17% 13% 62% 97% 13% 30% 31% 37% 75% 31% 53% 28% 51% 38% 37% 27% 23% 11% Accounting Strategy Systems/IT HR Investor Risk Treasury Marketing relations management Direct report Indirect report No report CFOs have stated a wide range of functional “administrative” responsibilities which are often a set of responsibilities and reporting lines which calls into disparate “catch all” activities further sapping the time question “how much is too much?” before the and focus of the CFO. CFOs should consider shifting performance within the core finance function begins to reporting responsibility for functions such as IT, HR and suffer. It is an increasingly challenging environment for Marketing away and using the freed up time and today’s CFOs to keep pace with the process of changes resources to focus on raising the performance of the and deliver consistently high performing financial core finance activities to new levels in their organizations. leadership. On top of these functions can be added 22 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  22. 22. Where does the responsibility for performance lie? As a result of many of the events associated with the recent downturn, most CFOs believe the influence of the board is growing as directors more actively involve Financial performance 15% 34% 51% themselves in issues that affect corporate performance. The majority of CFOs see performance in all of the areas as significantly being shared with the board to Shareholder value 27% 54% 19% the extent that calls into question “who is responsible for what exactly and why?”. Corporate social 25% 53% 22% responsibility CFO’s would do well for their organizations by proposing a process of regular board assessments which would Political and stakeholder 26% 63% 11% enable the board to examine its structure, processes and relationships mandate to ensure they are properly positioned to address current and future priorities. Assessment exercises can help the board better understand the Boards aggregate skills and expertise of directors and identify Shared areas of weakness. They can also help improve the Management interaction of directors and communications among them as well as with management. Do you feel you have the required amount of Like any evaluation process, the benefits achieved authority (support from the Board and CEO) through the board’s assessment will only be as good to be effective in these roles? as the review process. Good assessment programs are supported by a director education program that addresses the needs of directors identified through Strategist 72% 28% the evaluation process. Additionally, many boards find their evaluations are Catalyst 75% 25% most effective and productive when the process is led by an independent, outside facilitator. Some companies Operator 85% 15% go further and disclose, at a very high level, the results of the process to stakeholders. While a regular performance evaluation can help the board demonstrate its Steward 84% 16% commitment to fulfilling its fiduciary responsibilities, not acting on the assessment’s findings and recommendations could expose the board and Yes directors to a liability risk. No A front row view of performance expectations • Deloitte Middle East CFO Survey • 23
  23. 23. Interestingly, the majority of CFOs feel they have the What is the frequency with which you have met required amount of authority to be effective in all four with the Board of Directors and/or committees dimensions of their CFO role. 38% reported previously thereof in the past 12 months? as having a direct reporting line with the strategy function with another 37% having an indirect reporting line. This is somewhat consistent with the 72% of CFOs Zero 5% above who feel they are sufficiently authorized to execute their roles as strategists. Authority as a catalyst is really determined by the dynamism and personality of Monthly 22% the CFO to play a leading role and become accepted by other members of the management team to deliver Quarterly 50% enterprise value throughout the organization. Semi-annual 13% Annual 10% 24 • Deloitte Middle East CFO Survey • A front row view of performance expectations
  24. 24. A comparison of Deloitte CFO surveys in the Middle East and abroad Middle East Austria Belgium Ireland Netherlands Singapore Spain Sweden United Kingdom More optimistic about company’s outlook than previously reported • • • • • • Optimistic about the timeline for recovery • • • • Pessimistic about the timeline for recovery • • • • Tough credit conditions • • • • • • • Maintaining lower gearing levels • • • • Positive outlook for M&A activity • • • • • • • • Market is undervalued • • • Equity is attractive source of funding • • • • Corporate debt/financing not attractive • • • • Corporate debt/financing attractive • Recession has fundamentally changed financial attitudes • • • Focused on cost reduction • Goverment should take action to improve economy • • Bad time for additional risk on balance sheet • • A front row view of performance expectations • Deloitte Middle East CFO Survey • 25
  25. 25. Here to meet your needs Bahrain Oman Syria Sharjah Manama Muscat Damascus Corniche Plaza 2 Al Zamil Tower, Government MBD Area, Muscat Fardos Al Buhairah Corniche Avenue, P.O.Box 421, Manama International Center 9 Fardos Street P.O. Box 5470, Sharjah, UAE Kingdom of Bahrain P.O. Box 258, Ruwi P.O. Box 12487 Tel +971 (0) 6 574 1052 Tel +973 (0) 17 214 490 Postal Code 112 Damascus, Syria Fax +971 (0) 6 574 1053 Fax +973 (0) 17 214 550 Sultanate of Oman Tel +963 (0) 11 221 5990 Tel +968 (0) 2481 7775 Fax +963 (0) 11 222 1878 Palestinian Self-Ruled Areas Egypt Fax +968 (0) 2481 5581 Ramallah Saleh, Barsoum Rawda Al Mashreq, & Abdel Aziz Qatar 38 Rawda Street Insurance Building Cairo Doha P.O. Box 12487 P.O. Box 447, Ramallah 95 C, Merghany Street Kaamco Building Damascus, Syria Palestinian Controlled Territories Heliopolis 11341, Cairo, Egypt Sheikh Sehim Street Tel +963 (0) 11 331 1212 Tel +972 (0) 2 295 4714 Tel +20 (0) 2 2290 3278 P.O. Box 431, Doha, Qatar Fax +963 (0) 11 332 2304 Fax +972 (0) 2 298 4703 Fax +20 (0) 2 2290 3276 Tel +974 (0) 442 3991 Fax +974 (0) 442 2131 United Arab Emirates East Jerusalem Alexandria Abu Dhabi 8, Al-Zahar Street Madinet El Sayadla Saudi Arabia Bin Ghanem Tower Jerusalem Cinema Building Building No 10 Deloitte & Touche Hamdan Street Palestinian Controlled Territories Smouha, Alexandria Bakr Abulkhair & Co. P.O. Box 990 Tel +970 (0) 2 628 3581 Tel +20 (0) 3 426 4975 Riyadh Abu Dhabi, UAE Fax +970 (0) 2 627 6057 Fax +20 (0) 3 426 4975 Al-Salam Building Tel +971 (0) 2 676 0606 Fax +971 (0) 2 676 0644 Gaza City Main Olaya Road Ne’ma Tower, Jordan P.O. Box 213 Dubai Saied Ala’as Street Amman Riyadh 11411, Saudi Arabia 1001 City Tower 2 P.O.Box 4056, Gaza Strip Jabal Amman, 190 Tel +966 (0) 1 463 0018 Sheikh Zayed Road Palestinian Controlled Territories Zahran Streett, P.O. Box 248 Fax +966 (0) 1 463 0865 P.O. Box 4254 Tel +970 (0) 8 282 6707 Amman 11118, Jordan Fax +970 (0) 8 282 3746 Al Khobar Dubai, UAE Tel +962 (0) 6 5502200 ABT Building Tel +971 (0) 4 331 3211 Fax +962 (0) 6 5502210 Yemen P.O. Box 182 Fax +971 (0) 4 331 4178 Dammam 31411, Saudi Arabia Sana’a Kuwait Sana’a Trade Center Tel +966 (0) 3 887 3937 Fujairah Kuwait City Eastern Tower Algeria Street Fax +966 (0) 3 887 3931 Al-Fujairah Fahad Al-Salem Street P.O. Box 15655 Salhia Complex Insurance Co. Building Jeddah Sana’a, Yemen P.O. Box 23049 P.O. Box 462 Saudi Business Center Tel +967 (0) 1 448 374 Safat 13091, Kuwait Fujairah, UAE Madinah Road Fax +967 (0) 1 448 378 Tel +965 2243 8060 Tel +971 (0) 9 222 2320 P.O. Box 442, Jeddah 21411 Fax +965 2245 2080 Fax +971 (0) 9 222 5202 Saudi Arabia For Mauritania and Libya Tel +966 (0) 2 657 2725 inquiries, contact the ME Lebanon Ras Al-Khaimah Fax +966 (0) 2 657 2722 Representative Office. Beirut Ras Al-Khaimah Arabia House Sudan Insurance Building 131 Phoenicia Street Khartoum Al-Nakheel P.O. Box 11-0961 Burj Al-Fateh Complex P.O. Box 435 Riad El-Solh, Beirut Nile Street, P.O. Box 13043 Ras Al-Khaimah, UAE 1107 2060 Lebanon Khartoum, Sudan Tel +971 (0) 7 227 8892 Tel +961 (0) 1 364 700 Tel +249 (0) 183 720555 Fax +971 (0) 6 574 1053 Fax +961 (0) 1 367 087 Fax +249 (0) 183 720556
  26. 26. A front row view of performance expectations • Deloitte Middle East CFO Survey • 27
  27. 27. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's more than approximately 169,000 professionals are committed to becoming the standard of excellence. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu (DTT) with a presence in the Middle East region of more than 85 years. It is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,300 partners, directors and staff. This publication contains general information only, and none of Deloitte Touche Tohmatsu, its member firms, or its and their affiliates are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. None of Deloitte Touche Tohmatsu, its member firms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication. Deloitte & Touche (M.E.) is a 2009 Hewitt Best Employer in the Middle East. Deloitte is a Tier 1 advisor in the GCC region (International Tax Review World Tax 2010 Rankings). Deloitte & Touche (M.E.) is the 2010 Best Consulting Firm of the Year (The first Complinet GCC Compliance Awards). © Deloitte & Touche (M.E.). All rights reserved. Member of Deloitte Touche Tohmatsu

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