PwC Middle East grows revenue by 7% and headcount to 4,200

30 October 2017

Accounting and consulting firm PwC has seen its revenue in the Middle East grow by 8% in the past financial year, outperforming its global organisation, which grew its turnover base in by 7% to $37.7 billion in the same period.

“Despite challenging economic conditions across the region, we recorded an 8% revenue increase,” said Hani Ashkar, a senior partner at PwC and head of the firm’s Middle East operation. 

PwC today has 4,200 people in the Middle East, of which almost 1,000 sit in Saudi Arabia, the region’s largest economy. Ashkar: “Our professionals have been advising and supporting governments and businesses as they navigate some of the region’s biggest challenges, including declining oil prices, the roll-out and implementation of VAT, and the impact of technology, demographic shifts, and geopolitical uncertainties. We're also building trust, through our audits of some of the region's most iconic energy, transport, and financial services companies.” 

Ashkar added, “There was increased demand in particular for data analytics, digital, restructuring, privatisation, healthcare, and VAT consulting work. Positive influences including public sector transformation programmes in the UAE and Saudi Arabia in particular also contributed to the firm’s success in 2017.”

PwC Middle East grows revenue by 7 percent and headcount to 4200

PwC’s strategy consulting arm, Strategy&, formerly Booz & Company, continued to perform well said Ashkar, “building on its legacy of strong relationships, resolute focus on clients, deep industry insights, and outstanding talent.” The strategy consultancy enjoys a particularly strong presence in the region, leveraging the strong heritage Booz & Company and previously Booz Allen Hamilton already had in the Middle East.

From a functional perspective, all of PwC’s divisions– assurance, tax and, legal and advisory – saw growth in the Middle East, with the accountancy and consultancy expanding its service offering in a move that according to Ashkar enables PwC to provide the full portfolio of “strategy through execution” capabilities to its clients, mirroring the capabilities of PwC’s international organisation.

Looking ahead, the PwC senior partner says the firm will continue to invest heavily in innovation, new offerings and talent. Ashkar concluded, “Across our offices in the Middle East, we remain committed to having a truly diverse and inclusive workforce, and we’re making progress: for example, in the area of gender diversity, 31% of our Middle East workforce is now female.”


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BCG books global revenues of $7.5 billion with 19 percent growth

02 April 2019

Boston Consulting Group has booked its fifth consecutive year of double-digit growth, clocking global revenues of $7.5 billion last year.

Global strategy and management leader Boston Consulting Group has capped another busy year with record revenues of $7.5 billion. Starting 2018 off as The Boston Consulting Group prior to the completion of a visual overhaul and minor rebranding in December, the firm may have shed the ‘The’ but it’s managed to add more than $1.2 billion to its 2017 take – to be up by a huge 19 percent at constant rates.

The fifth consecutive year of double-digit growth for BCG – jumping from the 11 percent rise for the prior financial year – the firm noted strong growth across all regions and in both industry and functional areas, with its digital offering doubling in size to contribute significantly in around one third of its revenues across regions and practices. The firm stated that digital will continue to be a priority focus.

“The capabilities of our talented and diverse workforce, and our investment in innovation and cutting-edge solutions for our clients are at the root of our consistently strong performance,” said BCG CEO Rich Lesser. “At our core, we remain focused on the quality of our work, our long-term client relationships, and our commitment to driving large-scale positive change consistent with our values and purpose.”BCG books global revenues of $7.5 billion with 19 percent growthOver the past two years, the firm has also added around 4,500 employees across its locations in over 50 countries worldwide (including Omar Alshogre, an ex-political prisoner in Syria now employed at BCG in Sweden) – with the net 2,500 rise last year pushing the firm’s headcount out to 18,500-plus. BCG also added further capabilities last year, continuing with the recent acquisition of Australian data simulation company TSG.

“At the core of our business and our organisation is close collaboration – among our employees at all levels and with our clients. Working together, our people continually challenge themselves and their colleagues to develop and implement innovative new approaches, said Lesser. “As we look towards the next decade, we are deeply committed to ensuring that our clients are well-equipped to meet the challenges and opportunities of a fast-changing world.”

Meanwhile, the firm continues to give back to the region through its corporate social responsibility initiatives, including last week having hosted the launch event for its local Jeel Tamooh programme, which seeks to develop and inspire the next generation of business leaders in Saudi Arabia. Altogether, one hundred of the brightest local graduate students will participate in the training and mentorship programme.

“BCG recognises the value of personal development as a critical enabler of future success. We seek to attract talented individuals, and will empower them to learn and grow,” said BCG Middle East managing director Joerg Hildebrandt. “Jeel Tamooh is testament to our mission to support the positive development of societies we work in. As a global firm, we will share best practices and industry-leading knowledge, to prepare the enrolled students to thrive in a fast-changing world.”