KPMG records strong growth in FY21 in Mesa region

The aggregate revenue of KPMG member firms in the Middle East & South Asia (Mesa) region grew by 7.8% in US dollar terms for the fiscal year ending September 30, 2021 (FY21), more than doubling the growth rate achieved in the previous year.

The positive results demonstrate the deep and impactful investments that KPMG firms in the Mesa region have been making in people, technology, solutions and alliances.

Nader Haffar, Chairman of KPMG Mesa said: “Throughout the unpredictability of recent months, our priorities have remained steadfast: we are working closely with our global network and strategic alliances, particularly in the technology space, to deliver more composite value-led propositions to our clients and meet their business needs amidst increasing digital disruption. Opportunities lie at the crux of every challenge and we remain laser-focused on leveraging them for our clients.”

He added: “With environmental, social and governance (ESG) moving upwards on the business agenda, we are making a positive impact on the communities where we operate. The foundation for our future growth is built on our commitment to diversity and inclusion across our firms. As the Mesa region enters a new era of growth and progress, we continue to drive transformation across industries, and to deliver quality across all core functions, be it audit, tax or advisory.”

Dr Rasheed Al-Qenae, Managing Partner of KPMG in Kuwait said: “KPMG in Kuwait, along with the other member firms in the Middle East and South Asia (Mesa) region, played a key role in driving the financial success of the KPMG Mesa region in FY21, doubling its growth rate compared with the previous financial year.

“While there is no denying that the teams worked tirelessly to help KPMG in Kuwait meet its goals, it is also important to recognize the crucial investments that were made with regard to people, technology and environmental, social and governance (ESG) to help keep the firm growing amid the uncertainty in the business scenario brought upon by the pandemic. It is important to identify that the markets are changing dynamically and so are clients’ requirements — and, as disruption-led changes look to shape the new reality, the firm remains driven by its values and focused on its commitments to continue making a difference and stay on the growth trajectory.”

KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for 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%.

During FY21, the global organization committed to a 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 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.

Investing in talent is a key area for the KPMG Mesa region which expanded its workforce to over 8,250 with more than 2,200 hires this year, including 80 new partners and directors. These were in areas including: cloud transformation, cyber security, finance transformation, people & change, ESG, major project advisory, infrastructure advisory, strategy & deals, risk &compliance. New partners have been recruited with experience in public sector, real estate and healthcare.

KPMG’s global headcount in FY21 reached more than 236,000 partners and employees, securing its position as a leading employer of choice and being ranked as one of the World’s Most Attractive Employers for business, IT and engineering students.