PwC Middle East grows revenues by nearly one fifth in 2019

18 September 2019 3 min. read

PwC’s Middle East operations have grown by close to one fifth over the past year, taking its revenues to around the $900 million mark. Meanwhile, the firm is set to reinvest some of its gains into its Saudi staff through a new employment initiative.

The UK parent of PwC Middle East has released its annual financial report for the year to July, revealing a phenomenal 19.2 percent rise in Middle East revenues to approximately $900 million. Last year, PwC’s global financial report cited a 12 percent rate of growth for its Middle East and African business (bringing in a combined total of nearly $1.6 billion), while in 2017 the local firm recorded growth of 8 percent.

While not providing a regional breakdown, PwC UK’s (which further includes the Channel Islands) roughly ~$5.26 billion in 2019 revenues was led by its Assurance practice, followed by Tax and an ever-growing Consulting line, which jumped by over $200 million. By industry, the network experienced solid growth across its three leading segments; consumer & industrial products, financial services, and the government and public sector.

“Our growth in the Middle East continues to be strong,” noted the annual review, citing a likely conservative figure of 4,200 regional staff across twelve countries (other sources suggest a headcount closer to 6,000). “We have been advising and supporting governments and businesses as they navigate challenges including ongoing geopolitical tensions, demographic shifts, impact of technology and the need to diversify economies during recent periods of low GDP growth.”

PwC Middle East grows revenues by nearly one fifth in 2019

Meanwhile, PwC in Saudi Arabia has enacted a new package of employment perks for local talent in an effort to encourage Saudi staff toward leadership positions. Aimed at attracting, developing and retaining Saudi professionals, ultimately increasing leadership opportunities at the firm, the incentives include added payment for travel, deferred reimbursements and bonuses to celebrate promotions and career milestones.

The ‘Hemam: Developing Future Saudi Leaders’ initiative complements PwC’s existing development programmes, including the firm’s efforts to boost its local female talent. According to PwC, almost half of the personnel in its Saudi Arabia branch are local nationals. “As a people business, investing in Saudi nationals always has and continues to be a key area of focus for the firm,” said Riyadh Al-Najjar, PwC’s KSA Country.

Al-Najjar continues; “Without our people, we wouldn’t have been able to thrive, succeed and be part of the Kingdom’s transformational journey. We will continue to invest in the Kingdom and in our people and their capabilities to deliver on our purpose. Hemam is one of the many ways in which we strive to contribute to society by attracting and fostering local talent and empowering them to fully take charge of their growth.”

“Hemam is about more than just a benefits initiative, we are fuelling nationalisation in the Kingdom, enabling our people to be fit for the future and lead balanced lives,” adds Hani Ashkar, PwC Middle East Senior Partner. “For us, this is a key priority for sustained growth and development for such a talent-rich market like the KSA. We are committed to the growth and sustainability of our region and Saudi Arabia is at the heart of the transformation agenda.”