Business & Money | Tuesday 16 January, 2018 10:01 am |

For the fourth consecutive year, KPMG in Saudi Arabia reported achieving another double digit growth for Fiscal Year ended September 30, 2017 in spite Saudi Arabia gears up for rapid changes.

 

KPMG Middle East and South Asia (MESA) revenues across all core functions grew in double digits with audit revenues increasing by 13%, tax by 19.1% and advisory by 10.6%. Within advisory, deal advisory and risk consulting revenues increased by more than 20% this year.

 

“There is certainly a lot of opportunity in the MESA region as many economies continue to transform amidst disruption,” said William B. Thomas, Chairman of KPMG International. “MESA’s $2.5 trillion regional economy is too large for most global corporations to ignore.” These comments follow his recent visit to Cairo where he attended KPMG’s 16th MESA Partners’ Conference, shortly after being elected to the global role.

 

Adding his comments, Abdullah Hamad Al-Fozan, Chairman of KPMG MESA and KPMG in Saudi Arabia, said: “At KPMG in Saudi Arabia revenues grew, in double digits for the fourth consecutive year, across all core functions, with advisory services accounting for the highest percentage. We are achieving record growth in the Kingdom due to the increasing demand for KPMG services by both the private and public sector, with a particular focus on advisory. We are confident that growth will continue to increase as the economy transforms amidst disruption”

 

“As part of our role, KPMG has been supporting the Saudi Government’s initiatives linked to Vision 2030 and National Transformation Program. We have refined our strategy so that is in line with Saudi Arabia’s goals and plans.”

 

“In addition, we are assisting numerous private sector clients for the introduction of the value-added tax and the implementation of International Financial Reporting Standards as well as digitalization programs for leading organizations in the Kingdom.”

 

By the end of FY17, KPMG’s resource pool across the MESA region had expanded to nearly 7,500 professionals and associates with member firms present in 15 countries and covering 32 office locations. In Saudi Arabia, KPMG resources include nearly 1,200 professionals and associates in Riyadh, Jeddah and Khobar.

 

This year KPMG member firms in the region received a number of prestigious accolades including the MEED awards 2017 for the Advisory Services Firm of the Year award, and is a winner of the Best Audit Services Award at the MENA Fund Manager Fund Services Awards 2017. KPMG is ranked as a ‘Top-tier Firm’ in the GCC according to ITR World Tax and among Universum’s Most Attractive Employers in the Middle East.

 

Concluding his comments, Al-Fozan said: “KPMG in Saudi Arabia will continue to invest in expertise and solutions with an aim of being the clear choice for our clients.”