PwC Middle East reports 8% growth in revenue for FY 2017

PwC says demand for VAT consulting work has risen in the Middle East [representational image].

PricewaterhouseCoopers (PwC) has released its financial results for the fiscal year ending 30 June, 2017.

In a statement, the company revealed that its global business recorded total gross revenues of $37.7bn (AED138.5bn) in FY 2017, which translates to nearly 7% growth for the company.

The increase reportedly marks 20 years of consecutive revenue growth for the PwC network.

In the Middle East, the firm closed FY 2017 with an 8% rise in revenues and reported solid growth across the board.

Commenting on the company’s 2017 performance, Hani Ashkar, territory senior partner at PwC Middle East, said: “Despite challenging economic conditions across the region, we recorded an 8% revenue increase as we continued to invest heavily in people, capabilities, and technology.

“All of our core businesses, assurance, tax and, legal and advisory, performed strongly in FY17, with the firm expanding its service offering to be able to provide the full ‘strategy through execution’ capabilities to our clients.”

He continued: “We’ve identified significant opportunities and are proud to be at the forefront of supporting pivotal aspects of the region’s transformation. 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 KSA in particular also contributed to the firm’s success in 2017.

“Our 4,200 people 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.”