KPMG MESAC Reports Robust Growth Amid Economic Challenges

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Despite facing economic and geopolitical headwinds, KPMG Middle East, South Asia, and Caspian (MESAC) have announced an impressive 22.4% growth in the aggregate revenue of its member firms for the fiscal year ending September 30, 2023 (FY23). This announcement comes on the heels of KPMG International revealing a global revenue of $36 billion for FY23, reflecting an 8% increase from the previous fiscal year.

The stellar financial performance underscores the resilience and success of KPMG MESAC’s multi-disciplinary approach, combining world-leading expertise and integrated capabilities. Dr Rasheed Al-Qenae, Chairman of the KPMG MESAC region and Managing Partner of KPMG in Kuwait, attributed the positive results to continued investments in quality, trust, and expanding capabilities.

In FY23, KPMG MESAC member firms experienced double-digit growth across their core functions of Audit, Tax, and Advisory. Notably, Advisory revenue soared by more than 30%, reflecting the region’s commitment to diversification and innovation. Globally, KPMG reported growth in Audit (9%), Advisory (7%), and Tax & Legal services (10%).

The strategic focus for KPMG in the MESAC region during FY23 centered on reinforcing capabilities through senior hires, particularly in digital and artificial intelligence, project finance, deal advisory, managed services, forensic, dispute advisory, and transfer pricing. The recruitment drive resulted in over 4,200 new hires, including 78 partners and directors, expanding the region’s talent pool to over 11,400 as of September 30, 2023.

KPMG’s commitment to resource mobilization and delivery capabilities was evident through strategic alliances, especially in the technology space, delivery networks, and regional corridors. The appointment of new Heads of Management Consulting, Audit, and ESG in the Kuwait member firm further emphasized the organization’s dedication to enhancing its Advisory capabilities.

The KPMG Kuwait Impact Plan, an initiative focused on promoting operational responsibility beyond financial profits, has become integral to the firm’s culture. Partners and employees are actively engaged in ensuring businesses contribute to the collective good of society.

Looking ahead, Bill Thomas, Global Chairman & CEO of KPMG International, expressed confidence in navigating economic and geopolitical uncertainties. The organization’s Collective Strategy for the next phase includes a collective investment of $4.2 billion, with a heightened emphasis on technology, talent, and ESG services. The extension of Bill Thomas’s tenure until September 30, 2026, is expected to provide continuity of leadership and direction for KPMG over the next three years.

As KPMG continues to evolve in a rapidly changing global landscape, its commitment to making a positive difference for clients, employees, and society remains unwavering.

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