Financial consultancies in the UAE face intense pressure because of cut-throat pricing, fewer big deals and a flood of staff from foreign firms in the local market, according to a senior KPMG executive.
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"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," said Ian Gomes, KPMG's head of advisory, markets and human resources in the UAE.
"At the same time, a lot of global firms are moving their resources into the country because things are slowing down abroad."
The accounting giant has reviewed its business operations and rescaled its corporate finance division, which includes valuations, financial markets and mergers and acquisitions (M&A).
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