Now or never - assets.kpmg · Quotations taken from Now or never – KPMG’s 2016 Global CEO...

Now or never

KPMG Lower Gulf

December 2016

2016 UAE CEO Outlook

ForewordIn our increasingly globalized world, it often seems to me

that now the only constant is change. As a CEO, it is how

we respond to change – how quickly and effectively we

react and how successfully we grasp the opportunities that

change offers – that determines whether our firms are

successful.

Over the last three months, we have spoken to CEOs of

some of the UAE’s leading organizations, as well as leaders

of emerging businesses, to better understand their views

of the forces and opportunities shaping the businesses

they lead. We have spoken to key decision makers across

the UAE and across economic sectors, from Ajman to Abu

Dhabi and from automotive to building and construction.

We set ourselves the challenge of better understanding the

strategic dilemmas CEOs in the UAE are grappling with –

and how they plan to respond.

What we found was interesting. For over 40 years, KPMG

has worked shoulder to shoulder with clients – public and

private sector, small and large, start-ups and long-

established multi-national companies – and, despite the

multifaceted challenges that the region is facing, it is clear

that CEOs are positive about the opportunities they see

across the economy, especially in certain high-growth

sectors.

I must take the opportunity to thank the wide range of

CEOs who have contributed to our survey. Their inputs and

insights provide a rich platform for learning that will benefit

many CEOs in the UAE and across the wider MENA region.

I hope you find Now or never insightful and thought

provoking. If you have any questions or comments, join the

discussion on our new website (www.kpmg.com/ae),

follow us on Twitter at #CEOoutlook, or connect with us on

LinkedIn - www.linkedin.com/company/kpmg_lowergulf.

Vijay Malhotra

Senior Partner and Chief

Executive Officer

KPMG in the Lower Gulf

© 2016 KPMG, KPMG LLP and KPMG Lower Gulf Limited, registered in the UAE and a member firm of the KPMG network of independent member firms affiliated with KPMG International

Cooperative (KPMG International), a Swiss entity. All rights reserved.

Table of contents

Snapshot

Executive summary

Confidence and future growth

Transforming for the future

Possible disruptors

People and culture

Conclusions

Methodology

About KPMG

2

3

5

7

9

11

12

13

14

http://www.kpmg.com/ae

http://www.linkedin.com/company/kpmg_lowergulf

Now or never I 2016 UAE CEO Outlook 2

Growth

Snapshot

91 percent of UAE

CEOs surveyed –

compared to 89 percent

of global CEOs – are

expecting their

organizations to grow

over the next three

years

59 percent of UAE

CEOs surveyed see

organic growth as the

most likely source of

increasing economic

success

65 percent of UAE

CEOs indicate

revenue has

increased over the

last three financial

years.

Strategic direction

80 percent of UAE

CEOs surveyed –

compared to 41

percent of global

CEOs – expect their

organizations to be

significantly different

in three years.

22 percent of

UAE CEOs

surveyed see a

stronger client

focus as a top

three strategic

priority.

Streamlining

internal processes

is seen by 20

percent of

surveyed CEOs as

a key strategic

execution

accelerator.

Developing new

products was

selected as a top

investment area over

the next three years

by 13 percent of

surveyed CEOs

Risk

UAE CEOs surveyed

cited regulatory risk,

talent risks and

reputational risk as the

most significant threats

to sustained economic

success.

An overwhelming

two-thirds of UAE

CEOs believed they

were taking

approximately the

right amount of risk

to achieve their

growth strategies.

88 percent of UAE

CEOs surveyed

believe that a

persistently low oil

price could have

strong implications

for the UAE

economy.



The world is changing – and it is changing faster than it ever

has. What is interesting is that the business environment

seems to be changing even faster here in the UAE than it is

elsewhere. Globally, 41% of CEOs expect to be running a

significantly transformed organization in three years’ time. In

the UAE, that percentage almost doubles to 76 percent.

Looking back over the previous three financial years, a

significant majority of our CEOs have seen an increase in

revenue. This is in spite of a lower price for hydrocarbons –

at the time of writing, oil is selling at under US$50/bbl and

natural gas is being traded at under $3/mmBTu – and a

consequent tightening of liquidity across the entire MENA

region.

Executive summary

Our interviews with UAE CEOs suggest that unabashed

optimism should be handled with some care. While a

Chinese slowdown or a change in global interest rates was

seen as having only a medium impact on the UAE, there

was near unanimity that a persistently low oil price would

significantly impact the UAE. With that in mind, while very

few CEOs expect the oil price to surge back to over

US$100/bbl – or sag to a floor of US$20/bbl – there was a

general consensus that the oil price would remain generally

in the U$40/bbl to US$50/bbl for the next 12 months – and

climb to over US$50/bbl over the next three years.

20%

34%

13%

13%

7%

13%

Revenue change

Increase - >20%

Increase - 10%-20%

Increase - <10%

Decrease - <10%

Decrease - 11%-20%

Decrease - >20%

As well as great change, we are seeing great uncertainty.

With a slim majority of UK voters opting for Brexit,

followed by the election of Donald Trump as the next

president of the United States, it is even more difficult than

usual to accurately predict the future. A previous

president, Franklin D Roosevelt, pithily pointed out in

February 1945 – before the end of World War II - that:

“This point in history at which we stand is full of promise

and of danger. The world will either move toward unity and

widely shared prosperity or it will move apart.” The

generation after Bretton Woods saw almost unparalleled

economic growth – are we about to see something similar?

Chinese slowdown

Change in global interest rates

A persistently low oil price

Impact of:

High Medium Low

Over the next dozen pages, we summarize the views of

many of the UAE’s leading CEOs on topics ranging from

the business pulse through corporate strategy to disruption

and innovation.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1Y 3Y

Surge to over $100

Recover to above

$50

Stay about the same

Drop

Now or never I 2016 UAE CEO Outlook3

Predicting the oil price

““ Globally, 41% of CEOs

expect to be running a

significantly transformed

organization in three

years’ time. In the UAE,

that almost doubles to

76%.



What are the experts around our global network saying?

John Veihmeyer

Chairman

KPMG International

Isabelle Allen

Global Head of Clients & Markets

KPMG International

CEOs are telling us

the time for change

is now or never.

We are evolving towards a

world where what’s inside the

company and what’s outside

is not binary. CEOs can’t have

a proprietary or protective

mindset.

You can’t wait until you

have a satisfying level of

clarity, because you

might never get it.

Stephen G Hasty, Jr

Global Transformation

Leader KPMG International

To thrive in this new

environment, businesses

will need a much more

holistic, global view of their

overall tax management

over the three year horizon.

Jane McCormick

Global Head of Tax

KPMG International

Quotations taken from Now or never –

KPMG’s 2016 Global CEO Outlook

Our UAE CEO Outlook follows the

format of KPMG’s global CEO

report which was released in June

2016. For that report, we spoke to

nearly 1,300 CEOs from many of

the world’s leading companies,

located in 10 of the world’s largest

economies, to better understand

their views of the forces and

opportunities shaping the

businesses they lead.

We found that, while global CEOs

are confident in their ability to

successfully transform their

business, and to outperform the

general economic backdrop, they

also feel that the next three years

will be critical in shaping their

industry. Put simply, CEOs are

telling us the time for change is

“now or never”.

Despite the change enveloping their

organizations, and predicted global

economic challenges in the coming

12 months, these corporate leaders

are largely confident in their near-

term prospects. In fact, compared

to last year, they expressed greater

confidence in the growth of their

own company and the global

economy over the next three years.

These global CEOs are also alert to

many unfolding challenges and they

acknowledge a growing list of top

concerns, from shifting customer

loyalty to technologies that are

overturning traditional business

models. There are also a number of

additional critical issues that have

emerged recently, ranging from

cybersecurity risks to the need to

master advanced data analytics.

For more findings from our global

report, please see:

https://home.kpmg.com/xx/en/hom

e/campaigns/2016/06/ceo-

outlook.html




Confidence and future growth: the future is just around the cornerAll of the CEOs we spoke to were confident that their

organizations would grow over the next three years – with

60% of CEOs confident that organic growth – such as

expanding their customer base or entering into new business

lines or geographies - would most effectively drive

stakeholder value over the next three years.

In fact, over 71 percent of CEOs express confidence that

their company, industry or the national economy will grow

over the next 12 months. 90 percent of CEOs were

confident of similar growth over the next three years. This

compares positively with results from the global survey

conducted earlier this year - 86 percent of global CEOs

expressed confidence in growth over the next three years

in their home country and 85 percent in their industry.

Despite this positive statistic – and supporting the earlier

infographic that showed that some organizations had seen a

significant drop in revenue over the last three financial periods

– there was some concern expressed by some of the CEOs

63%

31%

6%

Development plans

Organic growth

Collaborative

growth

Inorganic growth

59%

18%

18%

6%

Slow growth

Initial stages of recovery

Initial stages of recession

Recession

Where is your industry in the

economic cycle?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

UAE nation

UAE industry

UAE company

Global nation

Global industry

Global company

Prospects for growth - 12 months and 3 years

Confident - 3 years Confident - 12 months

we interviewed that their industry was in – or on the verge

of - recession. However, the general view was

considerably more optimistic.




Where do CEOs believe this growth is going to come from?

Given four options to choose from – new products,

customers, channels or markets – CEOs were very clear: over

half believe that new products will be the most important

source of growth over the next three years. On the other

hand, less than 10% of CEOs believe that new channels

would be important – perhaps a sign that the omnichannel

revolution that is shaking the retail industry globally has yet to

gain real traction in the UAE across a wider economic horizon.

When trying to identify issues that could impact – both

positively and negatively – company growth over the next

three years, global economic factors – such as the price of

hydrocarbons and Chinese economic growth – and

geopolitical factors – such as elections and social unrest and

instability – were the clear front runners.

CEOs are well aware that the UAE, while seen as a model of

tolerance, good governance and tranquility in the region, has

increasing competition for talent and as an investment

destination. CEOs are finding it more difficult to recruit

specialized talent as opportunities elsewhere continue to

blossom and there is greater competition for Emiratis, both

seasoned and fresh graduates, who are increasingly aware of

the need to contribute to organizations’ bottom lines.

Although only 25% of the UAE’s GDP can be directly

attributed to its hydrocarbon wealth, there are numerous

knock-on effects of a lower oil price, including the decline in

real estate sales to MENA investors. Local and global factors,

18%

6%

23%

53%

Most important source of growth

New markets

New channels

New customers

New products

This is reflected to some extent in the potential growth

areas identified by UAE CEOs, with the GCC (including the

UAE, China and Asian countries (excluding India) seen as

the geographic areas with the most potential for growth.

6%

35%

18%

6%

29%

6%

Biggest impact on growth

Access to talent

Global economic factors

Domestic economic

factors

Reputational/brand risk

Geopolitical factors

Current competitors

25%

11%

4%

7%14%

14%

9%

5%

11%

Potential growth areas

GCC

ME

Western Europe

North America

China

Asian countries

India

North Africa

Sub-S. Africa

such as ongoing disturbances in Yemen and Syria, show

little sign of being extinguished in the short term – and the

recent election of Donald Trump as president of the United

States could have unforeseen implications for the region.

““ Over half of UAE CEOs surveyed

believe that new products will be the

most important source of growth over

the next three years.




The vast majority (76 percent) of UAE CEOs believe that the

organizations they are currently leading will be significantly

different organizations in the next three years – compared to

41 percent of global CEOs – and 29 percent of CEOs surveyed

for the 2015 global survey.

Transforming for the future: what’s going to change?

While there is general consistency between the top five

strategic priorities over the next three years for global and

UAE CEOs, the order is different. Fostering innovation was

the most important strategic innovation for global CEOs,

cited by 21 percent of respondents. On the other hand,

talent – ranked by 41% of UAE CEOs as a top three risk –

was only mentioned by 4% of UAE CEOs as a strategic

priority, compared to 18% of global CEOs.

This could have important consequences for the UAE. The

ability to change has been shown to have a marked effect

on revenue growth. In fact, our global survey reveals that

for 27 percent of companies that had average revenue

growth of 10 percent or more over the last three years,

fostering innovation is a top short-term strategy. In

contrast, at companies with revenue growth under 10

percent, only 19 percent of CEOs cited fostering innovation

as a strategic priority.

Strategic priorities are reflected in areas earmarked for

investment.

The UAE is increasingly a hotbed of change, with the public

sector in particular investing significantly in digitization,

disruption and improving the customer experience. The highly

successful innovation week championed by the government of

the UAE – and expanded into an innovation month from 2018 –

is indicative of the importance that is attached to innovation in

the public sector – and is something that is being inculcated

throughout society, with a particular focus on the young.

Global CEOs, perhaps in a nod to a slightly more

technologically advanced economic environment, are gearing

up to invest in the measurement and analysis of customer

experiences and needs – an area where, interestingly, the

public sector seems to be taking a lead in the UAE. Global

CEOs are also expecting to invest in geographic expansion

within their own countries and they are investing in cyber

security solutions, an indicator of the importance given to one

of the most significant risks of the fourth industrial revolution.

8%

22%

12%

4%

12%

21%

19%

18%

18%

17%

Fostering innovation

Stronger client focus

Digitizing and implementing

disruptive technologies

Talent development &

management

Stronger branding and

communications

Top five strategic priorities

Global UAE

0% 20% 40% 60% 80% 100%

UAE

Global [2016]

Global [2015]

How different will your organization

be in three years?

Largely the same Significantly different

11%

13%

7%

7%

4%

25%

24%

22%

21%

20%

Data analysis capabilities

New product development

Cyber security

Measurement & analysis of

customer experience

Geographic expansion at home

Top five investment areas

Global UAE




However, there may be good reasons for UAE to have different

priorities to their global peers. 86 percent of UAE CEOs thought

their organization was at least capable over a wide range of

metrics – from generating ideas to securing the necessary

investment and resources to bring ideas to market. This clearly

has an impact on top investment areas. While global CEOs, like

their UAE peers, are contemplating investing in increasing data

analysis capabilities, developing new products and sourcing

cyber security solutions, UAE CEOs have a stronger interest in

building the profile of their business and their leaders, acquiring

business assets, and geographic expansion outside the UAE.

UAE CEOs have tremendous faith in the ability of their

organizations to move new ideas through their value chain, with

external collaboration seen as a particular strength.

However, they have a more nuanced view of their organization’s

approach to innovation – a key enabler in the global CEO survey.

Almost half of UAE CEOs say their organization has a

foundational or ad hoc approach to innovation. This means

innovation occurs on some projects or within some departments

but there is no repeatable approach, formula or standardized

tools – in short, there are few opportunities for adaptive

replication, Interestingly, only 35 percent of global CEOs felt that

their organization had a strategic approach to innovation – a small

improvement on the UAE’s 29%.

0% 20% 40% 60% 80% 100%

Generate/source ideas

Progress ideas to

commercialization

Foster culture of innovation

Create safe to fail environment

External collaboration

Organizational agility

Secure investment/resources

Organizational ability

Somewhat incapable Neutral

Somewhat capable Highly capable

Today’s top business leaders know that long-term success

requires higher levels of business agility than ever before.

43 percent of global CEOs say that the best way to deliver

faster is to streamline internal processes – double what we

see in the UAE. One reason that the figure is so much

lower in the UAE seems to be that organizations feel that

their internal processes are already streamlined – although

it may simply be that there is a lack of awareness of

leading practice.

41%

30%

29%

Approach to innovation

Foundational

Accelerated

Strategic

0%

5%

10%

15%

20%

25%

Strategic

acquisitions

Bring

customers

in earlier.

New

alliances

Restructure Hire talent Streamline

internal

processes

Top six strategy execution accelerators

““ For 27% of global companies

that had average revenue growth

of 10% or more over the last

three years, fostering innovation

is a top short-term strategy.




Risks and core competences –what might affect the future?Global CEOs are more aware than ever of the risks that new

technologies pose to their organizations. In fact, from a

security point of view, some leading experts suggest that the

internet – the backbone of so much of the fourth industrial

revolution – was particularly badly catered for in the third

industrial revolution, which brought us previously unimagined

electronics, IT and automated production.

Global CEOs seem to have learnt the lessons of the third

industrial revolution – yet still have considerable trepidation

about the era we are now moving into. In the UAE, there is a

growing awareness of the risks that cyber poses – but there

does seem to be a feeling that this may be a risk that can

never be completely mitigated. In a region which is

increasingly prone to hacking and other forms of cyber crime,

this is a risk which may need more attention. The three risks

that CEOs in the UAE worry about the most are regulatory,

talent and reputation risk. The top three risks globally are

cyber (30 percent), regulatory (28 percent) and emerging

technology (26 percent). Clearly, different economic sectors

are more or less threatened by particular risks. But it is

significant that the UAE’s risk registers are so different to the

global norms.

In the banking sector globally, it is clear that some banks are

much more comfortable forging ahead into digital banking, on

the basis that they have built digitally enabled services that

have a very low risk of being compromised. The oil and gas

industry, a significant part of the UAE’s economy and the

source of much government revenue, is one of the industries

which regionally has been most affected by cyber attacks –

and one which is heavily dependent on emerging

technologies. There does, therefore, seem to be a growing

awareness of the interconnection between cyber security and

innovation.

UAE CEOs tend to feel that they are taking about the right

amount of risk in pursuit of their growth strategy. With

some of the UAE CEOs interviewed, this reflects a tension

between the board and executive management, with the

board often taking a more conservative, risk-averse view.

UAE CEOs strongly agreed – by a factor of more than two

– that their organization would be placing a stronger focus

on core competencies. However, they were evenly split

when asked about plans to divest non-core competencies,

or placing a stronger focus on growing complementary

competencies. Most CEOs believed that it was most

unlikely that their organization would significantly change

focus over the next three years – perhaps a sign of how

short a period three years can be in the lifetime of a

company.

65%

18%

6%

12%

Right amount Too much risk Not enough Unsure

How much risk are you taking?

0% 20% 40% 60% 80% 100%

Focus on core competencies

Divest non-core competencies

Grow complementary

competencies

Acquire new competencies to

enter new areas

Significantly change focus

How strongly do you agree that

your organization will:

Strongly agree Agree Disagree

Strongly disagree Doesn't apply

Third party

RegulatoryOperational

StrategicTalent

Market/treasury/interest rateFraud

GeopoliticalCyber security

Emerging

technology

Supply chain

Reputation/brand




We have already seen that the hunt for talent – a perennial

issue for CEOs in the region – is likely to get more, not less,

difficult. While the UAE’s schools and universities are

producing increasing amounts of high potential human capital,

there is still a heavy reliance on expatriate labor to satisfy the

local job market.

People and culture –what’s the personal angle?

The question regarding where talent was going to come

from tended to vary, often according to the sector the CEO

represented. In sectors with a strong push for Emiritisation

and few cultural barriers, there is increasing competition

for locals, both seasoned professionals and fresh

graduates. In other sectors, where reliance on expatriate

labor is more pronounced, there was some concern

expressed regarding the source of labor – with both

regulatory pressures and competition for talent, not least

from home countries that have seen steady economic

growth – and the challenges of recruiting and retaining

skilled and trained expatriates.

There was broad agreement among UAE CEOs on the

most important ways of attracting and then retaining staff.

Three quarters of our responses came from just three

suggested answers – interesting career paths, financial

incentives and an entrepreneurial environment.

0% 20% 40% 60% 80% 100%

1 year

3 years

Headcount predictions

Increase Stay the same Decrease

There is no doubt that there is still a considerable need to hire

new talent – just under two-thirds of CEOs are expecting to

increase headcount over the next twelve month while almost

90 percent of CEOs expect headcount to increase over the

next three years. That raises at least three interesting

questions: which are the roles that are likely to be more

difficult to fill over the next three years; where is the talent

that CEOs need going to come from; and how can you attract

and then retain the talent you need?

Over the next three years, CEOs predicted a gap for specialist

skills in the research and development and strategy sectors.

With strategic skills, there were concerns about data and

analytics, cyber security, digital and innovation – continuing a

theme we have seen throughout this survey.

While financial incentives are always going to attract and

motivate an overwhelmingly expatriate workforce, CEOs

may find that developing HR competencies that can offer

interesting career paths and an entrepreneurial

environment both help negate the hunt for talent – and

reduce the cost of financial incentives.

Functional skills

— Research & development

— Strategy

27% 29%25%

17%

29%

19%

Promotion possibilities Flexible work

arrangements

Purpose-driven

organization

How can you attract and retain staff?

Attract staff Retain staff

Strategic skills

— Data & analytics

— Cyber

— Innovation

— Digital




The pace of change continues to accelerate as the fourth industrial revolution ushers in the era of machine learning,

cognitive computing and artificial intelligence. The next three years will be critically transformative. This speed of

change means that CEOs need to act now.

Conclusions

Economy and the business pulse:

Most UAE CEOs are bullish about prospects for their

organization over the next three years.

While there is some concern over regional geopolitics,

UAE CEOs are confident that their organizations have the

skills and talents to benefit from uncertainty.

Most CEOs believe that the oil price, which has a

significant impact on the overall UAE economy, will

recover slightly to over US$50 – but will not (in the short

term at least) surge back to over US$100.

Corporate strategies and

business priorities:

Most UAE CEOs see a stronger client focus as a key

strategic priority. Global CEOs are more likely to focus on

fostering innovation.

While a significant number of UAE CEOs indicate that

headcounts are likely to rise, managing and developing

talent is much less of a strategic priority here than it is

globally, where 18% of CEOs cited it as a top strategic

priority.

Disruption, innovation and

data and analysis:

Most UAE CEOs believe that their organizations approach

innovation in an ad hoc manner – with innovation a less

important strategic priority than diversification or digitizing

their business.

Three-quarters of UAE CEOs think their organization will

be significantly different in three years’ time – almost

twice as many as the global response.

Transactions:

While CEOs believe their companies will be significantly

different in three years, they don’t believe they will have

changed focus. In other words, they will have innovated

how they operate, without changing what they do.

Risk:

Most UAE CEOs feel they are taking roughly the right

amount of risk to achieve their growth strategy.

UAE CEOs believe emerging technology, supply chain and

reputation are their top three risks.

People and culture:

CEOs believe that there is likely to be a significant gap for

workers with strategic skills in the short-term, including

cyber security, digital, innovation and data & analytics.

While financial incentives are seen as the most effective

way of both attracting and retaining staff, there are non-

financial methods of both attracting and retaining staff –

such as working in an entrepreneurial or collaborative

environment or offering different roles and interesting

career paths that may be at least as effective in the longer

term – and cheaper.

Despite the pace of change and the impact of global forces on local markets, the UAE is well placed for future growth.

CEOs are increasingly aware of the need to innovate and to seize opportunity in the market and many are looking

forward to a period of steady, mature growth.




In addition to the countries analyzed in our global report, selected CEOs from other regions and countries around the world

were interviewed as part of our 2016 global survey. CEO concerns from around the world seem to depend on the maturity of

their economies and businesses. One of the measures of maturity is the quality of data, of utmost importance in a world

moving towards data-based decisions. Not surprisingly, a substantial number of CEOs are concerned about keeping up with

technological advances and product innovation

Top concerns of CEOs from other regions

AS

EA

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Brazil

Can

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a

East A

fric

a

Ire

lan

d

Me

xic

o

So

uth

A

fric

a

Sw

itze

rla

nd

Taiw

an

The quality of the data I’m basing my decisions on

Whether our organization is staying on top of what’s next in services/products

Regulations will inhibit our growth

The impact of global economic forces on our business

The amount of time I have to think strategically about the forces of disruption

How millennials and their differing wants will change our business

The loyalty of our customers

Having to consider the integration of artificial intelligence and cognitive processes

The relevance of our products or services three years from now




Methodology

The survey data published in this report is based on face-to-

face interviews of chief executives from across the UAE.

Key industries are represented, including automotive,

banking, aviation, insurance, risk services, real estate and

construction, retail and distribution, leisure, and media.

59% of CEOs came from companies with annual revenues

of less than US$500 million, 17% of CEOs came from

companies with revenues between US$500 million and

US$999 million, 18 % from companies with revenues from

US$1 billion to US$2 billion, and 6% from companies with

revenues of more than US$2 billion. CEOs came from family

businesses, government-related entities and listed

companies. Two of the CEOs we interviewed were female.

Nationalities of the CEOs we interviewed represent the

cosmopolitan population of the UAE and included UAE

nationals, non-UAE Arabs, Indians and Western Europeans.

The survey was conducted during the third quarter of

2016.

Figures may not add up 100 percent due to rounding.

5%

17%

39%

5%

11%

5%

6%

6%

6%

Industry sectorRisk services

Real estate and

construction

Financial services

Automotive

Healthcare

Insurance

Retail and distribution

Leisure

Media

59%

17%

18%

6%

Organization size

Less than US$500

million

US$500 million to

less than US$1

billion

US$1 billion to less

than US$2 billion

More than US$2

billion

34%

22%

33%

11%

Nationalities

Western

expatriate

Non-UAE Arab

Asian

expatriate

Emirati




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solutions and exceptional client value. With over 60 partners

and directors leading over 750 professionals across six offices

in the Lower Gulf, we work shoulder to shoulder with our

clients, offering independent audit, tax and advisory services

to business corporations, government bodies and not-for-profit

organizations. We are proud of our reputation for developing

our people and the wider business community. We actively

support our staff and are recognized as a leading employer.

About KPMG

Complemented by a global network of dedicated partners

and professionals located across the global network of

individual firms, our value lies in our depth of talent and the

experience we have gained helping clients respond to

industry, market and regulatory changes and challenges.

We work with our clients to adapt and capitalize on the

trends being set by today's rapidly changing environment.

With deep industry experience, insight and technical

support, our qualified professionals deliver a broad range of

audit, tax and advisory services to meet the unique needs

of our clients.

Service offerings:

Audit

An independent audit is an

important foundation for

decision-making. Our

experience matters. To

deliver global audit leading

practice, external auditors

must fully understand the

complexities of future

directions and regulatory

requirements.

Understanding the financial

performance of any

business must be placed

in the context of strategic

priorities, risk appetites

and competitive

positioning. Our

technology-enabled audit

approach applies extensive

data analytics to provide

the necessary evidence

confirming that critical

controls and disclosures

uphold the highest level of

integrity.

Management

Consulting

Our high capability

teams offer

expertise, deep

industry and technical

knowledge, and

market-leading tools

to deliver solutions

across every

business and

industrial sector. Our

expert practitioners

help clients to make

better decisions,

reduce costs,

enhance

organizational

effectiveness and

develop appropriate

technology

strategies.

Risk Consulting

Our risk consulting

practice combines

the knowledge and

expertise of over

100 partners,

directors and

professionals. We

help organizations

transform risk and

compliance efforts

into competitive

advantage by

applying a risk lens

to corporate

strategy. This

improves risk

intelligence and

decision making,

protects financial

and reputational

assets, and

enhances business

value.

Deal Advisory

Our experienced

investment

professionals skilfully

assess how

opportunities to buy,

sell, partner, fund or

fix a company can

add and preserve

value. Our teams

combine a global

mind-set and local

experience with

deep sector

knowledge and

superior analytic

tools to support

clients. From helping

to plan and

implement strategic

change to

measurably

increasing portfolio

value, we deliver

tangible results.

Tax

A business’s approach to

tax is increasingly subject to

public scrutiny and is now a

major reputation driver.

From company set-up to

cross-border and transfer

pricing solutions, we work

with a wide range of

national and multi-national

organisations to deliver

effective tax solutions. Our

tax professionals combine

international experience

with local knowledge to

provide leading edge

commercial tax strategies

tailored to specific client

needs.

Tax issues are constantly

evolving. Changes in law,

practice, or approach –in the

UAE and globally – can have

major ramifications on local

and international

organizations.

— Audits of financial

statements

— Audit-related services

— Audit data & analytics

— People & Change

— Customer &

Analytics

— Financial

Management

— Operations

— Strategy &

Economic

Advisory

— IT Advisory

— Forensic

— Business

Process

Management

— Accounting

Advisory

Services

— Internal Audit &

Risk

Compliance

— Climate Change

& Sustainability

— Capital Markets

— Valuations

— Debt Advisory

— Transaction

Solutions

— Mergers &

Acquisitions

— Restructuring

— Inbound & indirect taxes

— Mergers, acquisitions

and restructuring

— International tax services

— Transfer pricing

— Tax management

consulting

— Global mobility services

— Automatic exchange of

information

— VAT




The information contained herein is of general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide

accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one

should act on such information without appropriate professional advice after a thorough examination of the particular situation and circumstances.

© 2016 KPMG, KPMG LLP and KPMG Lower Gulf Limited, registered in the UAE and a member firm of the KPMG network of independent member firms affiliated with KPMG

International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the United Arab Emirates.

The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Vijay Malhotra

Senior Partner | CEO

D: +971 4 403 0300

E: [email protected]

Adil Abid

Audit

D: +971 2 401 4855


Fawzi AbuRass

Audit

D: +971 4 356 9703


Richard Ackland

Audit

D: +971 2 401 4889


Sudhir Arvind

Risk Consulting

D: +971 2 401 4833


Nilesh Ashar

Tax

D: +971 4 424 8987


Anurag Bajpai

Audit

D: +971 4 356 9702


Sreemont Barua

Audit

D: +971 4 356 9539


Abbas Basrai

Audit

D: +971 4 403 0484


Raajeev Batra

Risk Consulting

D: +971 2 401 4839


Nicholas Cameron

Risk Consulting

D: +971 4 424 8992


Freddie Cloete

Audit

D: +971 4 356 9538


Ashish Dave

Deal Advisory

D: +971 4 403 0441


Tareq Dreiza

Management Consulting

D: +971 2 401 4826


Sharukh Dumasia

Audit

D: +971 2 401 4844


Luke Ellyard

Audit

D: +971 4 403 0322


Umair Hameed


D: +971 4 424 8922


Yusuf Hassan

Risk Consulting

D: +971 4 424 8912


Avtar Jalif

Audit

D: +971 2 401 4860


Nizar Jichi


D: +971 2 401 4700


Tasneem Lakdawalla

Risk Consulting

D: +971 4 403 0309


Andrew Korn

Audit

D: +971 4 356 9699


Clare McColl

Tax

D: +971 4 424 8959


Sidharth Mehta

Audit

D: +971 4 356 9726


Milind Navalkar

Audit

D: +971 4 356 9727


Vikas Papriwal

Markets

D: +971 4 403 0350


Emilio Pera

Audit

D: +971 4 403 0323


Ghassan Qudah


D: +971 2 401 4828


Rohit Rajvanshi

Audit

D: +971 4 356 9725


Farhan Syed


D: +971 4 424 8985


Akil Vanthliwala

Audit

D: +971 2 401 4853


kpmg.com/ae

@KPMG_LowerGulf

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