• Growth across all lines of service
  • Total workforce rises to 236,000 globally, including over 4,200 in the Middle East
  • 19 acquisitions around the world in FY17, including in the Middle East
  • 300 graduate recruits into the Middle East
  • Continued investment in digital, healthcare, cybersecurity, financial services and VAT

For the year ending 30 June 2017, PwC around the world reported total gross revenues of US$37.7 billion. At constant exchange rates, revenues grew by almost 7%, marking 20 years of consecutive revenue growth for the PwC network. In the Middle East, the firm registered an 8% revenue increase and solid growth across the board.

"Despite challenging economic conditions across the region, we recorded an 8% revenue increase as we continued to invest heavily in people, capabilities and technology to deliver on our purpose of building trust in society and solving the region's most important problems" said Hani Ashkar, Territory Senior Partner at PwC Middle East.

He added:

"All of our core businesses – Assurance, Tax & 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."

"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."

Performance

The firm performed well across all areas in FY17: with governments and businesses across the region focusing on efficiency, operational improvement and better financial management, one of the key areas of focus for our Consulting business was ensuring we are well positioned to support our clients in these critical areas. We expanded our Healthcare team with world-class expertise, increased our focus on Digital with the setup of PwC Digital Services - all areas of great relevance and interest to the region. Following the combination with PwC, Strategy& continued to perform well, building on its legacy of strong relationships, resolute focus on clients, deep industry insights, and outstanding talent.

Our Assurance business had another good year, against a backdrop of cost pressures due to declining oil prices. There was strong growth in the firm's capital markets and accounting services as well as in PwC's Academy, our training business.

Deals also recorded growth in FY17, especially in Deals Strategy which provides sector-specific insight in those sectors central to the region – Healthcare; Energy; Infrastructure, Construction and Real Estate; Hospitality & Leisure; and Retail. The firm also focused intensely on areas that are likely to be more relevant in a challenging market. Forensics had a strong year, reflecting the impact of increased transparency and regulation on businesses and closer board and management scrutiny of financial performance.

Tax & Legal Services had a solid performance, continuing to strengthen our leading capabilities in international tax services, transfer pricing as well as helping our clients consider fiscal reform and prepare for the introduction of VAT across the region.

People
PwC is committed to recruiting top graduates, and the extent of the opportunities we offer – symbolised by our annual graduate intake which reached another record this year with 300 highly talented graduates provides a compelling reason for graduates to join a structured programme, straight from university, that will help them embark on their careers from a firm foundation.

Our overall headcount increased to over 4,200 ,across the Middle East, with almost 1,000, in Saudi Arabia (including over 100 women and 35% Saudi Nationals). Across our offices in the Middle East, we remain committed to having a truly diverse and inclusive workforce, and we're making progress: for example, in the area of gender diversity, 31% of our Middle East workforce is now female.

TIMM: Our Total Impact Measurement and Management - measuring our contribution to society
For the second year, we have used our Total Impact Measurement and Management (TIMM) framework to monetize our economic, tax, social and environmental impacts on the Middle East Region. We use TIMM to gauge our contribution to the economy and society, and weigh it against the impact we inevitably have on the environment. It's one of the ways we're providing greater transparency for our stakeholders, and improving the information we use for decision-making. TIMM is also a tool we deploy for our clients to help them measure and manage their own impact.

The combined impact of our profits and payroll reflects our Gross Value Added (GVA) contribution to the GDP of the region, which is estimated at $706 million. This economic impact is supplemented by our fiscal impact. Our fiscal contribution is driven by the corporation taxes we pay, the charges that the firm pays to local governments on behalf of its employees for visas and other public service fees, and the income tax paid by our employees. The social impacts we have monetized are valued at $20 million. This reflects the investments we make in training our people and our financial contribution to the health and education costs of our employees.

"We are as confident as ever about the growth prospects for this region. Our aim is to support our region as it undergoes this economic transformation, embraces the digital era, and reshapes its operating models, so that it can realize its full potential. And our goal for ourselves is to continue to grow a responsible, profitable, and sustainable business guided by a clear Purpose, and to play our role in shaping the future of the Middle East" Ashkar ended.

About PwC US

At PwC, our purpose is to build trust in society and solve important problems. We"re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.