Grant Thornton UAE joins new private equity-backed multinational platform
The UAE business of Grant Thornton has united with Grant Thornton Advisors, a newly established platform within Grant Thornton that was created earlier this year with ambitious plans and the backing of private equity.
In January, the US and Irish arms of Grant Thornton announced their merger, creating a group of around 12,000 professionals working seamlessly across the two countries. That deal was backed by an investor group led by New Mountain Capital.
The goal of the platform is to build an integrated operating model – while Grant Thornton operates externally under one brand and umbrella, beneath the surface the network consists of independently operating local businesses (typical to most large global professional services networks). With more integrated and aligned country organisations, client delivery and performance can be optimized and enhanced across borders.
“With Grant Thornton Advisors, we’re creating a unique organisation within the Grant Thornton network, and a compelling new platform within our industry,” said Jim Peko, CEO of Grant Thornton Advisors. “We will be at the forefront of exceptional quality and differentiated solutions for a growing international client base – offering seamless cross-border collaboration and cutting-edge technologies.”
Welcoming the UAE
At the time, Peko revealed that Grant Thornton Advisors had kicked off negotiations with numerous members firms to join its platform, and over the past period, the local country organisations in Luxembourg and the Cayman Islands became the first to join. Today, the UAE business followed suit and announced its affiliation.
Hisham Farouk, the CEO of Grant Thornton in the UAE, said: “This marks an exciting new chapter for the UAE business to deliver even more value to our clients and accelerate growth in the UAE and beyond. By integrating our expertise, technology, and insights, we're creating a pathway for sustained growth, enabling us to deliver exceptional value to our clients and contribute to the UAE's long-term economic vision as a premier global business hub.”
The UAE marks a big win for Grant Thornton Advisors – the business was last year named Grant Thornton’s star growth performer in an internal competition. The business today has around 800 staff working across offices in Dubai, Abu Dhabi, and Sharjah.
“Scaling our offerings and footprint by uniting with Grant Thornton UAE underscores our focus on advancing a combined platform, with multinational experience and exemplary quality,” said Peko. “In a fast-moving business environment, clients need trusted advisors that deliver high-quality and innovative solutions across dynamic high-growth sectors and geographies. Our focus is on creating a world-class client experience.”
Farouk Mohamed, Founder and Chairman of Grant Thornton in the UAE, added: “With nearly six decades in the UAE, becoming part of this multinational platform signifies a crucial advancement in our quest for innovation, collaboration, and global influence, charting a new course in our journey. This partnership embodies our dedication to excellence and our faith in the strength of a common vision across different geographies.”
Lumina served as sole financial adviser to Grant Thornton UAE, while Taylor Wessing acted as the firm’s legal adviser.
Global expansion
In the coming months, Grant Thornton Advisors (which now has 13,000 staff) anticipates to add additional firms to its network.
