KPMG records strong growth in FY21 in the UAE
- KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021
- Significant investments in people, technology, solutions and alliances pay off, with revenue growth for KPMG in the UAE and Oman more than doubling over the previous year
- Total workforce for KPMG in the UAE and Oman expanded by an unprecedented 21%
Dubai, United Arab Emirates, 26 December 2021: KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021 (FY21). Reporting a 10% increase in US dollar revenues from FY20, this follows an extensive period of investment and focus on priority services and solutions addressing the challenges faced by businesses across the globe. Strong growth was achieved across functions: Advisory growing at 17%, Audit at 4% and Tax & Legal Services at 8%.
Revenues for KPMG in the Lower Gulf (the UAE and Oman) more than doubled the rate achieved in the previous year. The positive results demonstrate the deep and impactful investments that KPMG has been making in people, technology, solutions and alliances.
Commenting on the performance, Nader Haffar, Chairman of KPMG MESA[i] and Chairman & CEO of KPMG Lower Gulf, said: “Our ambition is to become the most trusted and trustworthy professional services organization, and our FY21 results prove we are right on track to achieve this. Quality, agility, and an unwavering commitment to our clients are at the core of what we do.”
“We are working closely with our global network and strategic alliances, particularly in technology, to deliver composite value-led propositions to our clients and meet their business needs amidst increasing disruption,” he added. “As we enter a new era of growth, we continue to drive transformation and deliver quality across industries and functions. With environmental, social and governance (ESG) matters moving up the business agenda, we are making a positive impact on communities, including our alliance with the Special Olympics. The foundation for our future growth is built on our commitment to diversity and inclusion across our firm.”
Investing in talent was a focus area for KPMG Lower Gulf in FY21 as it expanded its total workforce by an unprecedented 21% to over 1,800. Resource capabilities were augmented in recent months with many senior hires across audit, tax, and advisory, bringing the number of partners and directors to 193. These included: audit, ESG, enterprise solutions & cloud transformation, cyber security, finance transformation, people & change, major project advisory, strategy & deals, and risk & compliance. New partners have also been recruited in areas such as cyber security, healthcare, government and public sector, family business, infrastructure and real estate, strategy, and marketing & communications.
During FY21, the global organization committed to more than $1.5 billion investment to focus on a multi-year program to accelerate the delivery of its global ESG plan and solutions. KPMG is teaming up with leading universities to provide broad ranging ESG training for its people. The firm’s Impact Plan represents the collective ESG commitments of KPMG firms across the globe and focuses on key areas of transformation such as ESG & Sustainability, Economic & Social Development, Sustainable Finance, Climate Change & Decarbonization, and Measurement.
The KPMG network is in its third year of a $5 billion commitment to digital transformation, focused on purpose-driven technology, people and innovation. The organization continued to invest significantly as part of its $1 billion investment in Tax and Legal technology to enable solutions like KPMG Digital Gateway.
With the highest headcount in its history, KPMG’s Collective Action Plan was launched to instill an inclusive culture built on trust, with an educated and empathetic workforce, and one which advocates equal opportunity. KPMG is consecutively ranked in the top ten of Universum’s ‘World’s Most Attractive Employers’ by business students globally[ii].
KPMG garnered numerous accolades this year, including leading the Consultancy-me.com rankings of the top consulting firms in the Middle East in six areas of expertise and eight industry expertise categories[iii].
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[i] The KPMG MESA region is one of the sub-regions within the KPMG network of member firms. The KPMG MESA region covers more than 25 office locations across 15 countries and territories, including Bahrain, Bangladesh, Egypt, Iraq, Jordan, Kuwait, Lebanon, Maldives, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sri Lanka and the United Arab Emirates.