PHOTO
Pedestrians walk past the offices of accounting and auditing firm EY, formerly Ernst & Young, in London on November 20, 2020. - Britain's audit sector, dominated by the so-called Big Four accountancy giants, is shortly expected to discover how it must reinvent itself amid a series of probes into alleged corruption, including one linked to the collapse of German electronic payments group Wirecard. The Department for Business, Energy and Industrial Strategy (BEIS) is reportedly set to publish reform proposals before Christmas amid fraudulent probes into EY-linked activities at Denmark's Danske Bank and Wirecard. EY has been accused of failing to warn about suspicious transactions at Danish bank Danske Bank worth billions of euros. (Photo by TOLGA AKMEN / AFP)
The United Arab Emirates has become a global hub for trade and investment and is expected to be one of Ernst & Young’s (EY) fastest-growing markets worldwide over the next five to ten years, driven by significant opportunities for collaboration with both the public and private sectors, according to Anthony O'Sullivan, Managing Partner of EY in the UAE.
Speaking to the Emirates News Agency (WAM) on the sidelines of Investopia 2025 in Abu Dhabi, Sullivan highlighted that EY’s global leadership considers the UAE and the Middle East and North Africa region as strategic priorities due to their attractive investment environment and supportive economic growth policies.
He noted that the company has been operating in the UAE since 1966, with its Dubai office being the largest in the region, hosting several regional leaders and key clients.
Sullivan emphasised the pivotal role of technology and artificial intelligence (AI) across various sectors, stating that these technologies have become essential in improving operational efficiency and enhancing financial compliance.
“Technology and data are now integral to any business, particularly in consulting,” he said, adding, “We utilise AI to enhance tax compliance, helping clients meet regulatory requirements more efficiently. AI also plays a role in financial auditing, enabling better financial data analysis and consistency, allowing teams to focus on advisory services rather than routine tasks.”
He explained that EY is not only integrating these technologies internally but also assisting clients in adopting AI-driven solutions, leveraging its global network and consultancy expertise. He stressed that AI has become a crucial factor in shaping the future of businesses and strengthening their competitiveness.
Regarding the challenges businesses face in compliance, Sullivan pointed out that the key issue is finding the right partner with the expertise and skills to implement these technologies successfully.
On the growing adoption of Environmental, Social, and Governance (ESG) standards, he noted that the Middle East is at the forefront of this transition. He cited Egypt’s hosting of COP27 and the UAE’s hosting of COP28 as evidence of the region’s strong commitment to sustainability.
Sullivan highlighted that, given the region’s historical reliance on the oil and gas sector, transitioning to a sustainable economy is of paramount importance. “We are witnessing a growing number of companies in the region developing their ESG strategies, whether by adopting more socially responsible policies or complying with new regulations. Many of these companies are emerging as global leaders in this field,” he added.
He further stated that EY is working closely with numerous companies to help them design and implement sustainability strategies, describing this as a significant opportunity for the Middle East to position itself as a global leader in the shift towards a more sustainable economy.
