Ernst & Young, the Middle East's largest assurance and business advisory firm, has launched their Middle East Hospitality and Leisure Advisory Service to an expectant market.
Through its Dubai based Advisory Services, Ernst and Young is now assisting regional organizations in the tourism and hospitality sector improve and control the way they manage their investments and operations in real estate assets throughout the entire lifecycle of their property portfolio.
Ernst & Young's range of services will include strategic tourism enhancement planning, hotel operational reviews, positioning analyses, asset management, management company selection/negotiations, capital sourcing, benchmarking, valuations, mergers and acquisitions due diligence, and market driven feasibility studies for a variety of asset types. These include mixed-use resort developments, large hotel portfolios, traditional hotels, golf courses and clubs, theme parks, vacation ownership, condominium-hotels, cruise ships, airlines, retail, office, marinas and residential developments.
'Given the anticipated growth in the construction industry in the Middle East over the next five years, coupled with the number of hospitality and leisure-related projects currently under development, there is a strong need for a trusted business advisor who can provide specialized resources, industry expertise and innovative solutions,' said Mohammed Dahmash, Regional Practice Leader and Partner of the Ernst & Young's Middle East Hospitality and Leisure Advisory Services. 'Today's hospitality and leisure executives around the globe face a set of business challenges that place unprecedented pressure on management. Real estate, operations, marketing, and financing functions must be synchronized to maintain a competitive edge. Quality of service is paramount,' Dahmash continued.
The services will also provide Ernst & Young's clients with effective strategies to minimize risk, as well as control expenses, and generally improve overall performance, which in turn can accelerate the creation of bottom line value for any company or organization in the hospitality and leisure sectors.
The new service has already been extremely well received and Ernst & Young are advising various regional government departments on tourism development issues and tourism master planning. Other projects also include feasibility studies for large-scale development projects in the region for both private and public sector investors.
'Our experience in advising clients, combined with our knowledge and expertise in Middle East and African hospitality and leisure markets, is unmatched. We offer a full scope of services, including acquisitions, development, strategy, operations and and diagnostic reviews, for every real estate industry segment, not just hotels.' said Dahmash.
Dahmash has many years experience in the industry and has put together a strong and sophisticated global team of professionals who all have extensive real estate and hospitality operations and advisory experience. Dahmash and his team had been instrumental in the development for many prestigious projects in the Middle East and Africa.
The Middle East practice of Ernst & Young is an independent professional firm and a full member firm of Ernst & Young Global. Since the firm's establishment 80 years ago, the Middle East firm has evolved to provide a full range of assurance and business advisory services to meet all legal and commercial developments within the region, and today the firm's more than 10,000 clients are serviced by over 1,800 staff operating from 16 offices in 12 Arab countries.
Ernst & Young, a global leader in professional services, offers clients the right tools and advice in order to meet the demands of an ever changing and dynamic business world. Ernst & Young has the industry and financial experience to provide fresh perspectives on operating successfully in the new economy. Ernst & Young provides a range of assurance and business advisory services including corporate finance, risk management, tax, technology, business valuation and hospitality & leisure services.