- Despite unpredictable challenges across the Middle East and North Africa, RSM achieves 30% growth to record US$66.7million in revenues
- Audit and accounting revenues surpass US$40million in the region for the first time
- Growth across all service lines in the region realised for the second successive year
RSM, the leading provider of assurance, tax and consulting services to middle-market businesses, has today announced revenues across the Middle East and North Africa of US$66.7m, with year-on-year growth of 30% for 2023.
The growth comes as global organisations look to capitalise on the region’s critical links between the east and west. RSM has seen demand for audit and accounting services, growing 35%, particularly in collaboration with RSM member firms in the United Kingdom and United States, resulting in revenues surpassing US$40million for the first time in the region.
With COP28 having been held in Dubai, middle-market business leaders in MENA have a heightened focus on sustainability and the environment. RSM has ramped up its ESG consulting service line in the region, to advise on services such as corporate social responsibility models, sustainable finance frameworks and ESG automation. IT consulting services from RSM in the region witnessed an increased demand from middle-market businesses for advice on cybersecurity and also providing cybersecurity as a managed service with insurance. This contributed to RSM in MENA seeing an overall growth of 23% for consulting services.
Bassam Dahman, Regional Leader for Middle East and North Africa at RSM, commented: “Despite the economic slowdown caused by a decline in oil production, businesses in the region have exhibited positive growth, evident in the performance of all service lines at RSM. In 2023, MENA experienced a pivotal year as middle-market enterprises directed their attention towards addressing the climate crisis, particularly in anticipation of the UAE hosting COP28. This heightened focus is expected to sustain strong demand for advisory services in ESG, IT, and HR.
“We will see an increased emphasis on ESG services following the historic agreement at COP28, signalling a significant shift away from fossil fuels. Recognising the transformative impact of this new framework across the region, RSM positions itself well to assist businesses in seamlessly incorporating and implementing sustainability strategies. The goal is to ensure that companies do not fall short in meeting their objectives during this transition away from fossil fuels.
RSM’s strong performance in the Middle East and North Africa comes as RSM has announced double-digit growth in global revenues to US$9.4bn.
Global fee income for accounting and audit services rose by 15% to US$3.6bn, while RSM’s tax revenues jumped by 17% to US$2.6bn. Consulting revenue totalled US$3.1bn, representing a 16% increase on 2022.
Since the launch of RSM’s 2030 Global Strategy at the start of 2023, over the past 12 months RSM has established the critical building blocks for ongoing growth, transformation and change, focusing on four Strategic Drivers – People, Clients, Technology and Solutions. With a 13% increase in global headcount, RSM is dedicated to developing an unrivalled, inclusive culture and talent experience, believing investment in both people and technology to be critical to sustained growth and delivering rich, personalised client experiences. Global technology and digital investment increased four-fold over 2023 compared to 2022, over and above the significant technology investments being made by RSM member firms in all territories.
Jean Stephens, CEO of RSM International, said: “This year’s financial results further cement our status as the leading global provider of professional services to the middle market. Powered by our 2030 Global Strategy - Taking Charge of Change – RSM has worked collaboratively as a global organisation more than ever before to innovate and better serve clients across borders.
“With an emphasis on the generation and sharing of insight, streamlining the efficiencies and effectiveness of service provision and building connectivity through an enhanced global digital infrastructure, RSM is focused on providing innovative and valuable human insights powered by technology.”
Looking ahead
The first key milestone of 2024 for RSM is the launch of its evolved global brand – with new visuals and re-energised messaging designed to be more representative of the breadth and depth of the organisation today and to better reflect RSM’s purpose - to instil confidence in a world of change. Continuing to hero their people as the central pillar of their brand, RSM has introduced a new creative device taken from the DNA of its logo. Named the ‘Pattern of Progress’, the device reflects the journey of discovery RSM undertakes to build dynamic and compelling solutions to individual client needs. It symbolises forward movement and the attainment of future goals in an ever-changing complex world, reflecting RSM’s focus on the issues that matter most to its clients and people.
Among the technological developments underway, January 2024 will see the launch of RSM Luca, the organisation’s digital audit ecosystem, integrating sophisticated technologies and efficient processes to better enable agile, insight-driven, tech-forward audits tailored to client’s unique business environments.
RSM is also committed to significant additional investment over the year in sustainability frameworks and initiatives, and the evolution of independence systems and inspections procedures to ensure quality and responsible business practices remain central to RSM’s service provision across all areas.
Jean Stephens added: "Over 2024, we will undertake a vast number of transformative projects as we continue to harness our global strength and build maximum relevance with our key stakeholders. These financial results support our solid foundation for even greater future growth, ensuring RSM goes from strength to strength as we move forward with confidence, commitment, and energy.”