Grant Thornton welcomes Saleh, Barsoum & Abdel Aziz in Egypt

Egypt’s professional services scene has seen a major change of forces, with Saleh, Barsoum & Abdel Aziz switching network from Big Four Deloitte to mid-tier player Grant Thornton.

The crossing sees the majority of Saleh, Barsoum & Abdel Aziz (about 250 professionals) become part of Grant Thornton, led by long time company member and managing partner, Kamel Saleh.

Founded in 1953, Saleh, Barsoum & Abdel Aziz has in its 70 years of business grown into one of Egypt’s larger and leading accounting and consulting firms, offering a full range of services across accounting, audit, financial advisory, management consulting, and tax.

Commenting on the switch of networks, Saleh said that the firm aims to embark on its next chapter with Grant Thornton. Pillars of this chapter include “diversifying our service offering to what is most relevant to the Egyptian economy and the changing needs of our clients, and growing our technology enabled businesses.”

Peter Bodin, the CEO of Grant Thornton, said the network was delighted to welcome a firm with the stature of Saleh, Barsoum & Abdel Aziz to its MENA business. “They are a market leader with an excellent reputation that shares our commitment to the Egyptian market and a passion for developing the best local talent within a global network.”

The CEO added that the move “underlines Grant Thornton’s commitment to the key Egyptian market”. With a GDP of around $404 billion, Egypt ranks according to the World Bank number 34 of the major economies. In comparison, the GDP of the UAE is around $500 billion, with Egypt the fifth largest economy in MENA behind Iran, Saudi Arabia, Turkey, and the UAE.

Meanwhile, both Deloitte and Grant Thornton have in separate statements confirmed that the decision was “mutual” and taken in “good harmony”, with a “small part” of Saleh, Barsoum & Abdel Aziz deciding to remain within the Deloitte network. This team – both firms have not disclosed headcount details – has relaunched as Deloitte Egypt.

Speaking on behalf of Deloitte, Middle East CEO Mutasem Dajani said: “I would like to thank the leaders of Saleh, Barsoum & Abdel Aziz for the long collaboration we have had in serving our clients in Egypt and wish them the best in their new endeavours.”

“This move enables both firms to pursue their respective strategies in Egypt and is part of the ongoing transformation of Deloitte’s presence in the Middle East region.”

Dajani added that Deloitte remains committed to the Egypt market, with the firm in the process of rebuilding areas of services. “Deloitte will cater to the fast-growing Egyptian business landscape, including technological and digital transformation, tax and sustainability.”