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Ernst & Young, one of the world’s pre-eminent professional services firms, today announced the formation of Ernst & Young Corporate Finance (EYCF), a region-wide network of dedicated corporate finance professionals under one brand. The move follows the issuance of a Category 4 license to Ernst & Young by the Dubai Financial Services Authority (DFSA).
The new network, which is part of Ernst & Young’s Middle East Business Advisory Solutions Group, will execute the firm’s corporate finance services for clients across the region. From the DIFC, EYCF’s services include private placements, divestitures, arranging debt and equity finance, mergers and acquisitions advisory, IPO services, privatization, securitizations and restructuring.
Omar Bitar, Managing Partner, Business Advisory Solutions, Ernst & Young Middle East, said: “The establishment of the EYCF Middle East network creates a powerful group of dedicated corporate finance entities that draw upon the history of Ernst & Young and its considerable resources. Our team of seasoned corporate finance professionals, who now function under the EYCF network, will work out of our 17 offices in the Middle East and extend into our global networks in Europe, South East Asia, North America and Australia. The DIFC is an ideal location for us to reach out to our clients in Dubai and throughout the Middle East region.”
Welcoming Ernst & Young into its portfolio of licensed companies, Nasser Al Shaali, Chief Executive Officer, DIFC Authority, said: “Ernst & Young’s establishment of a regional Middle East network and providing corporate finance services from the DIFC is a recognition by the professional services industry of our position as the financial hub of this region. We are very pleased to welcome Ernst & Young to the DIFC, which continues to provide the infrastructure that is vital to the ongoing economic expansion of Dubai and the wider region.”
Azhar Zafar, CEO of EYCF at the DIFC and Head of Mergers & Acquisitions, Ernst & Young Middle East, said: “Our clients in the region need specialised corporate finance advisory services and we are now ideally positioned to provide this service. With the establishment of the EYCF Middle East network, our clients now have access to an international financial advisor who combines superior knowledge of the local markets with regional experience that goes back several decades.”
Edward Quinlan, UAE Country Partner at Ernst & Young concluded: “Having started Ernst & Young’s UAE operations in 1966, we have witnessed the country’s economic transformation first hand and are proud to have contributed to the growth of many of the local businesses. Our activities over the years have allowed us to stay in tune with the market’s growing expectations and requirements. Through our EYCF Category 4 license, we will provide our clients with practical corporate finance solutions that are a result of our structured and integrated approach and network.”
