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Mon 3 Oct 2011 08:09 PM

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PwC's Middle East practice posts 31% growth

Professional services giant says region is fastest growing in network for year to end June

PwC's Middle East practice posts 31% growth
Dennis Nally chairman of PwC International

PricewaterhouseCoopers (PwC), the global professional services network, on Monday announced that its Middle East practice grew by 31 percent over the past year.

The region was the fastest growing in the world for the company, its Middle East chief said.

Globally, PwC reported gross revenues of $29.2bn for its worldwide network of firms for the fiscal year ended June 30, an increase of 10 percent over the previous year, it said in a statement.

The PwC global network also increased overall headcount to nearly 169,000, it added.

Commenting on the results, Warwick Hunt, Middle East managing partner, PwC, said: "The Middle East is the fastest growing region in the wider PwC network that has very clearly outperformed its competition in the last year."

He said that he expected the region to see similar growth levels for the year to June 30 2012.

Dennis M Nally, chairman of PricewaterhouseCoopers International Ltd, added: "The strong revenue growth across our network is the result of the commitment by PwC firms to continue to recruit the best people and to invest in both them and the quality service they provide."

PwC's Assurance revenues grew by seven percent, to $14.1bn, while revenues for PwC's worldwide advisory businesses grew 20 percent to $7.5bn.

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