Under the patronage of His Excellency Mr. Samir Al-Rifa’i the Prime Minister of Jordan

Ernst & Young’s EMEIA Area Managing Partner confirms the economic importance of the Kingdom in the region and the role of Ernst & Young in supporting businesses

Amman, February 2010 – At a gala dinner held under the patronage of His Excellency Mr. Samir Al-Rifa’i the Prime Minister of Jordan, Ernst & Young announced the Middle East launch of its ‘Lessons from change – findings from the market’ report from Jordan. The study presents the results of a comprehensive survey which Ernst & Young carried out in a number of countries around the world in November 2009, in light of the global economic crisis. The report features the opinions of nearly 900 senior executives and business owners of international companies from across the globe concerning their business activities, agendas, and preparations for the upcoming stage.
The gala dinner, which was held on Wednesday, 10th of February 2010, at the Grand Hyatt Amman hotel, marks the Middle East launch of ‘Lessons from change – findings from the market’. It included the participation of a group of Ernst & Young clients and partners; a large number of representatives from governmental bodies and leading local and international institutions in Jordan; the company’s management team; Mr. Mark Otty, Ernst & Young’s EMEIA Area Managing Partner; and Mr. Ahmad Al-Aiban, Chairman of Ernst & Young in the Middle East.
Introduced as part of Ernst & Young’s ongoing ‘Lessons from change’ research program, the report revealed recent changes to the global business environment as well as the directions and business practices that are being adopted by corporations operating in different economic sectors. It also highlighted the areas that should be focused on when making future decisions in order to help regain a state of economic stability and growth.
The report covered eight key performance goals identified through Ernst & Young’s survey, which should be taken into consideration by businesses when preparing for future prospects. These goals involved reevaluating business models; optimizing operational flexibility; optimizing capital availability and deployment; optimizing market reach; accelerating decision-making and execution; revitalizing risk management; strengthening management talent; and strengthening stakeholder confidence. The report also elaborated on the benefits that business can gain from improving their performance through the adoption of these eight goals, which allow for the enhancement of efficiency and productivity, the improvement of operational flexibility, the reduction of operational costs, the management of risk, as well as other benefits that support business growth.
During the event, Mr. Bishr Ibrahim Baker, Managing Partner at Ernst & Young Jordan, welcomed the guests and expressed the company’s appreciation for the presence and participation of H.E. Samir Al-Rifa’i. Mr. Baker also discussed business competition in an ever-changing world, noting that all countries including Jordan, with its public and private sectors, should keep up with the pace of economic developments. Mr. Baker also drew the attendee’s attention to the Jordanian economy, confirming his belief in its ability to take advantage of the strengths and promising opportunities inherent within the Kingdom’s economy.
With regards to the launch of ‘Lessons from change – findings from the market,’ Mr. Baker said: “Today, we launch a new study in our ‘Lessons from change’ program, providing you with a comprehensive overview of the opinions of top global company executives and entrepreneurs. We hope that these insights can provide you support and guidance when planning the future of your businesses. We will continue to periodically update our findings so that we are able to learn from previous mistakes, avoid repeating them and learn from experiences in order to overcome the risks and build a better future.”
In turn, Mr. Mark Otty highlighted during his speech the importance of Jordan’s economic standing with regards to Europe, the Middle East, India and Africa, he also referred to the important role that Ernst & Young plays with regards to developments in the Kingdom, as part of the global organization of member firms in more than 140 countries around the world that are renowned for their high professional standards.
Otty went on to discuss the most prominent outcomes of the global economic crisis and their long-term effects on the overall activities of businesses across different sectors. He also touched upon the most important issues that were discussed in the report, as well as the lessons that were learnt during this crisis that global problems require global solutions – a retreat into protectionism would not be in anyone’s interests in the longer term and that the shift of capital from West to East has definitely been accelerated.”

About Ernst & Young

Ernst & Young is one of the biggest local and international leaders in assurance, tax, transaction and advisory services, and began its operations in Amman, Jordan, in 1953. Today, our operations in Amman have grown to encompass over 200 employees under the management of three local partners.
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About Ernst & Young Middle East
The Middle East practice of Ernst & Young has been operating in the region since 1923. For over 85 years, we have evolved our operations in line with the legal and commercial developments of the region. We have over 4,200 people united across 20 offices and 15 Arab countries, sharing the same values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
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