Deloitte Expands Leadership Team with 32 New Partners in the Middle East
Deloitte has bolstered its leadership team in the Middle East, with women accounting for 31% of the new partner promotions.
2 min
Deloitte, the largest professional services network globally, has expanded its leadership team in the Middle East by admitting 32 new partners on June 1, 2024. This follows the addition of 23 lateral hire partners over the past 11 months.
Mutasem Dajani, CEO, Deloitte Middle East, said: “Expanding our leadership team is a reflection of the growth we are seeing across our region. As the Middle East undergoes rapid transformation across several sectors, our new partners will enable us to meet the increasing market demand. With their expertise in areas such as technology, including AI and Cyber, human capital, hospitality, and consumer, our new generation of leaders will support our clients in critical ways to address their needs.”
To continuously create exceptional and memorable development experiences to grow its people for undisputed leadership in the marketplace, Deloitte has recently launched Deloitte University EMEA in Paris. Deloitte University EMEA in Paris represents an investment in the people at Deloitte, with a curriculum focused on leadership, professional skills and industry driven.
Rana Ghandour Salhab, People and Purpose Partner, Deloitte Middle East, said: “Diversity, Equity and Inclusion remain a strategic priority for our organization. With over 31% of our newly promoted partners being women, we continue to set concrete diversity targets and are proud that more and more women are assuming Deloitte leadership roles in the Middle East. We continuously enhance our flexible work programs and learning and development opportunities to allow our employees to have outstanding careers, with mentoring, allyship and sponsorship programs beneficial to all while tailoring some for women at different stages of their lives and careers.”
Deloitte Middle East continues to be a purpose-driven organization aiming to add value for its people, clients and wider society. Deloitte has been recognized by Great Place to Work® and Fortune magazine as the #7 best place to work on the World’s Best Workplaces™ 2022 list and made it on the top 20 Best Workplaces in the UAE and KSA in 2023, the most recent list.
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Highlighting a significant recovery and robust growth across all key performance metrics.
3 min
Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
