PwC to hire 250 people in Middle East expansion push
Accounting giant plans to double Middle East revenues over the next five years
PWC HAS said it plans to hire 250 people in the Middle East in the next six months, as part of plan to double revenues in the fast-growing region.
The Big Four firm said it expects revenue from developing countries to double from 20% of total revenue to 40% in the next five years, Bloomberg reported.
PwC chairman Dennis Nally told Bloomberg during a conference in Riyadh: “The Middle East will be one of our most significant markets for investment in terms of talent acquisition. We see our growth coming from these markets.”
The has firm spent $50m (£30m) in the Middle East region over the past 18 months and expects to spend a similar amount in the near future, he said.
“The economic outlook for the Middle East is very positive” Nally told Bloomberg.
Gulf states, including Saudi Arabia, the UAE and Kuwait, produce more than 20% of the world’s crude oil and are spending billions of dollars to diversify their economies.
The investments are boosting demand for financial advice. PwC forecasts that the strongest growth will be in Saudi Arabia, Jordan and Egypt.