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

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’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.”