14 Jun 2024 21:59

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KPMG continues growth momentum and invests further across Middle East & South Asia

KPMG in the Middle East & South Asia (MESA) region reported a 10.7% growth in aggregated revenues of member firms across the MESA region for the fiscal year ended 30 September 2016. This was the third consecutive year for the region to record double digit growth, placing it among the fastest growing regions within the KPMG network. 

During the year, KPMG across the MESA region had over 2,500 new joiners including 12 new Partners. A further 15 Partners were appointed through internal promotions. By the year end, KPMG’s resource pool within the region had expanded to nearly 7,000 professionals and associates with member firms present in 14 countries and covering 30 office locations. 

“KPMG’s strong FY16 results, in what remains a slow-growth global environment, are a testament to the passion and innovative thinking we bring to our work. In today’s volatile business climate, our strategic investments in technology, alliances, and our people, are fuelling our growth across our geographies and service lines. In FY16, thousands of extraordinary people were hired across the KPMG network, and we continued our relentless focus on providing high-quality, excellent service.” said John Veihmeyer, Chairman, KPMG International.

“We continued to prioritize strategic investments in new services and technologies in FY16, focusing on the areas where we see businesses facing the greatest challenge and disruption. We are also working closely with a number of the world’s leading technology companies, in alliances that bring together world-class innovation, business expertise and leading edge technology.” he added.

Vijay Malhotra, chairman and CEO – KPMG in the UAE and Oman said: “This has been an encouraging year for KPMG in the MESA region and in the UAE and Oman in particular. Despite market challenges stemming from oil price volatility, we have continued to innovate and invest at a record pace, to meet the ever changing market needs. We have significantly increased the breadth of services offered to our clients, alongside investments in new digital and data-driven technologies and hired highly talented professionals who can help our clients embrace innovation and disruption. As the regulatory environment goes through unprecedented levels of change – with the implications of Basel III, IFRS and VAT expected to be felt in 2017, our priority is to help our clients meet their obligations, while supporting their growth agendas.”

Commenting on developments across the region, Abdullah Al Fozan, Chairman of KPMG MESA and Member of KPMG’s Global Board said: “Throughout FY16 we have continued to aggressively invest in areas such as strategy and operational consulting, digital and customer experience, oil & gas and chemical sector capabilities, indirect taxation with a specific focus on VAT as well as senior recruitments to enhance capabilities in transfer pricing, trade and customs, technology transformation, risk, cyber security, financial services sector capabilities and data & analytics among a broader set of regional growth initiatives.”

“As part of our strategy, we have also increased investments in Audit with a number of Partner appointments and added more than 300 people to our audit teams across the region. By developing and empowering our people across all functions, we are better able to offer practical insight that assist our clients to operate more effectively in changing business environments.” he added.

Highlighting the significance of KPMG’s impact in the marketplace, KPMG member firms in the region received a number of accolades including the Best Audit Services Award at MENA Fund Manager Fund Services Awards and at the MENA Insurance Review’s Insurance Awards – 2016, the Accounting Firm of the Year at the CFO Middle East Awards earlier in the fiscal year and continued to be ranked as a ‘Top Tier Firm’ in the Gulf Cooperation Council (GCC) region according to the International Tax Review since 2015.

In addition, a number of KPMG’s global initiatives took place in the MESA region during FY16 including KPMG’s flagship global recruitment initiative – the KPMG International Case Competition, KPMG’s Global Building, Construction & Real Estate Conference and KPMG’s Europe, Middle East & Africa Partners’ Conference. 

Abdullah Al Fozan concluded his comments by saying: “Today, KPMG is one of the most resourced professional service networks in the region with a vast clientele comprising public sector institutions, multinationals, regional and local companies, enterprise businesses as well as other organizations. We also continue to work alongside some of the largest economic transformation programs, assisting the institutions driving these initiatives in working towards achieving macro level objectives.”

In the wider Global context, KPMG International announced aggregated network revenues of US$25.42 billion for the fiscal year ended 30 September 2016 (FY16), representing an 8.0% increase in local currency terms.

In FY16, more than 37,000 new graduates and other entry-level professionals joined KPMG member firms, and more than 300 new external partners and more than 600 promoted KPMG partners were welcomed into the leadership ranks. KPMG’s global workforce grew by more than 8% to almost 189,000 partners and staff, the highest number of individuals ever employed across the network.

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