PwC has completed its acquisition of Booz & Company, a move that helps the professional services company grab a bigger slice of the Middle East consulting landscape.
The deal, which was announced as sealed today, will help to dovetail PwC’s expertise in operational consulting with Booz’s greater focus on strategy. In a move reflecting Booz’s strength in that area, it will change its name to Strategy&. The new entity will operate under the PwC network.
“We’re offering our clients in the Middle East and across the world something they can’t get anywhere else: a combination of strategy consulting expertise and a proven track record of delivery that draws on unrivalled global scale and experience,” said Hani Ashkar, a PwC Middle East senior partner.
PwC, one of the “big four” professional services companies, proposed the deal in October and partners in New York-headquartered Booz & Co approved the merger two months later. In a joint statement released today, both firms said all regulatory approvals and closing conditions surrounding the deal had been met.
PwC has operated in the Middle East for 40 years, employing more than 2,700 people across the GCC, Egypt, Lebanon, Libya, Palestine and Iraq. But after the sale of its consulting arm to IBM in 2002 it has been striving to rebuild a global focus on consulting, an increasingly more profitable business than its traditional line of auditing.
In the UAE, Booz & Co, became the first global management consultancy to open a regional office in 1993 – in Abu Dhabi – a move that helped it gain a head-start on rivals such as Bain & Co, McKinsey and Boston Consulting Group. Employing more than 500 staff in the region – making it the largest management consultancy in the Middle East – Booz & Co has secured key public and private sector contracts, while honing its expertise within priority areas for governments such as unemployment, chronic healthcare diseases and subsidy reform.
Joe Saddi, previously the global chairman of Booz & Company and a senior partner and managing director of the firm’s Middle East business, now becomes the senior vice president and managing director of Strategy& in the Middle East.
He said the deal would allow the clients and staff of the combined entities a “bigger, broader and better opportunity to connect strategy with impact”.
“Our combination with PwC enables us to offer our clients in the Middle East and across the globe the ability to develop and execute the right strategy – delivered by one trusted, experience and responsive consultant,” he said.
Mr Saddi said no jobs are threatened by the merger.
“It’s quite the opposite,” he said. “The rationale was in terms of realising synergies on clients and revenue. All the discussions we’ve had have been about how to create more jobs and grow the businesses.”
Along with fellow professional services companies KPMG and Ernst & Young, PwC retreated from consulting in about 2002 when US policymakers brought in regulations in the wake of the Enron accounting scandal. Firms were largely banned from consulting for audit clients, with some exceptions such as tax advice.
But more recently PwC has sought to rebuild its consulting operations as the market has recovered since the 2009 global financial crisis.
Fiona Czerniawska, a co-founder of Source, a specialist research company on the management consulting market, said in some respects the acquisition was a “bigger deal for the Middle East consulting market than it was globally”.
“Booz & Co is one of the dominant consultancy firms in the Middle East,” she said.
“PwC, like the other big four professional services firms, specialises in large-scale transformational projects and to do that they need to be able to offer both strategy and operational consulting. Booz & Co is more focused on the strategy side, and PwC on operational.”
PwC Strategy&’s broad of directors will be chaired by Tony Poulter, a PwC partner and global consulting leader. Cesare Mainardi, who has been the chief executive of Booz & Company for two years, becomes the chief executive of Strategy&.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Mohammed bin Zayed Majlis
Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE currency: the story behind the money in your pockets
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Emergency
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Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
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Funding: Self-funded to date
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.