Growing competition, lower margins, slowing down market activity and a high influx of staff from foreign firms in the local market, is posing considerable challenges for the financial consultancy business in the UAE.
Speaking to The National, Ian Gomes, KPMG‘s head of advisory, markets and human resources in the UAE, said that “this market has become very tough and very competitive. Everyone seems to put all the proposals through their procurement and you get squeezed on price. At the same time, a lot of global firms are moving their resources into the country because things are slowing down abroad.”
As a result of intensifying competition, giants like KPMG have been forced to review their business operations and cut down on costs. The accounting firm has rescaled its corporate finance division, which includes valuations, financial markets and mergers and acquisitions (M&A). During the past year, there have also been job cuts in the M&A division at some other major financial advisory firms.
You can read more on why UAE Financial Consultancy market has become very tough and very competitive on The National.