INTERNATIONAL. Recent developments in Libya have called for business leaders to come together in an event, and address the changes impacting the country and how to move forward.
Organized by Deloitte firms in the Middle East and Malta and EMCS Ltd., the two-day event entitled ‘The New Libya Forum: Building the future together’ was held on February 27 – 28, 2012 in Malta, for professionals and international businesses interested in the rebuilding and development of the New Libya.
Shedding light on both opportunities and challenges, the Forum served as a platform for an international network of business professionals, who seek to both assist and work with the New Libya, through collaborations between the international business community and Libyan entrepreneurs, companies and public sector leaders.
Experts and partners from Deloitte were present to share their technical, advisory and industry expertise with the attendees on how to do business in Libya to support the country in its plans to expand economic capacity and enhance infrastructure.
“There is an evident growing global interest in Libya, sparked by the recent changes which have impacted the country. Many industries will now develop and change, such as the Oil and Gas, construction and tourism sectors, with many global firms eyeing the opportunities which the country offers,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East.
“However, many challenges are posed with setting up businesses in Libya, be it from sourcing skilled talent to understanding and managing regulatory and tax complexities,” he added.
“The Libya market is not new to us. Our Middle East firm served Libya clients and international firms for many decades before the last regime took control. As we are part of other Middle East countries, we are pleased to yet again support our Libyan and international clients in establishing and growing their businesses, as well as engaging the Libyan public sector in its ambitious plans for infrastructure and social reform,” added Fahoum.
In addition to Fahoum, present from Deloitte Middle East were Robert O’Hanlon, partner in charge for Audit Services in the region, who shared his expertise on how to set up new business, and Brandon George from the firm’s International Tax Services.
“Many businesses will soon be opening up in Libya, creating a well-varied business environment. Due to the country’s ample natural resources, Libya can become a leading economy in the Mediterranean,” commented O’Hanlon.
Organized by Deloitte, the New Libya Forum is the first initiative by global business leaders to address the changes that are influencing the country.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years.
Deloitte 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 2,500 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010, 2011 and 2012 Rankings) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.
In 2011, the firm received the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).