Which of KPMG’s solutions are the most sought after in the Kuwaiti market?

KPMG in Kuwait offers a range of services including audit, tax, and advisory. We have observed that technology-related solutions have gained significant demand in the Kuwaiti market, especially in light of the COVID-19 crisis. Companies have recognized the power of technology in improving their operations, reducing costs, and increasing efficiency. The pandemic has also heightened awareness about cybersecurity, which has become a priority for our clients. With the technological shifts happening in various industries, companies are exposed to cyber threats, making cybersecurity a major concern. As a result, KPMG has positioned itself as a knowledge advisor, helping clients address potential cybersecurity issues proactively. We emphasize the importance of developing the right infrastructure and implementing effective procedures and tools to harness the power of technology while ensuring data security.

In 2022, KPMG in Kuwait launched the first edition of the KPMG Private Enterprise Global Tech Innovator competition in Kuwait. How was this initiative received in the country?

The response to the KPMG Private Enterprise Global Tech Innovator competition in Kuwait has been overwhelmingly positive. Over 30 countries participated in the event, and we received 25 applications from Kuwait alone. This competition provided a valuable platform for early-stage tech companies to showcase their ideas to a global audience, network with industry leaders and investors, and foster growth. Bounce, an edtech start-up, emerged as the country winner and went on to represent Kuwait in the global finale at Web Summit in Lisbon, where HiiROC from Hull was named the overall winner. Our intention was to connect these young entrepreneurs with potential investors who are interested in disruptive ideas that challenge traditional sectors. The competition aimed to promote innovation and accelerate the development of techpreneurs in Kuwait. KPMG’s role was to facilitate the event and support these emerging talents without any direct gain for the firm.

What are the priorities of KPMG in Kuwait for 2023?

In 2023, KPMG in Kuwait will prioritize Environmental, Social, and Governance (ESG) initiatives. This aligns with the global focus of KPMG and extends beyond Kuwait. Our aim is to contribute to the diversification of the economy and reduce dependence on the oil and gas sector. Although there are currently no ESG compliance regulations in Kuwait, we anticipate their introduction in the near future. The presence of international companies in the country, which already adhere to ESG regulations elsewhere, will expedite the transition. We are planning events and initiatives to raise awareness among our clients and help them prepare for these changes. Our focus is on educating them about reporting standards and systems that can enhance their operations. We want to ensure that our clients and communities are well-prepared for the forthcoming ESG changes.

Another priority for KPMG in Kuwait is digital transformation. We are working closely with organizations that seek a complete digital makeover of their business processes. Additionally, cybersecurity is a key area of focus. We aim to assist our clients in their transition to digital platforms swiftly and securely. Lastly, we are committed to enhancing our team’s work-life balance. Since the onset of the pandemic, we have introduced several changes that prioritize the health and efficiency of our team members. Currently, we are adopting a hybrid working model, which combines both physical and online interactions. While certain activities such as networking and negotiations are better conducted in person, administrative tasks can be efficiently handled through online channels. We believe that balance and moderation are crucial for success, and the hybrid model is likely to continue as newer generations are increasingly adept at utilizing technology.