Latest news with #KPMGinQatar
Zawya
26-03-2025
- Business
- Zawya
GCC banks drive momentum and transformation with strong growth: KPMG Report
Doha, Qatar – KPMG in Qatar has released the tenth edition of its GCC Listed Banks' Results Report, providing an in-depth analysis of the financial performance and key indicators of leading commercial banks across the region. Titled Momentum and Transformation, this year's report highlights the sector's resilience, strategic adaptability, and sustained expansion despite global economic shifts. Bringing together insights from Financial Services leaders across KPMG's member firms in the six GCC countries, the report offers valuable perspectives on the evolving banking landscape, emerging industry trends, and financial outlook. By analyzing key performance indicators from the past year, the report aims to support banking leaders in shaping strategies and driving long-term growth. Omar Mahmood, Head of Financial Services for KPMG in the Middle East, South Asia, Caucasus and Central Asia, and Partner at KPMG in Qatar, commented,"The GCC banking sector remains a pillar of economic stability and growth, demonstrating resilience in the face of macroeconomic uncertainties. The sector's ability to maintain strong capital positions, enhance asset quality, and embrace digital transformation underscores its commitment to sustainable progress. Looking ahead, we expect a continued focus on managing non-performing loans, cost control, and the integration of AI and ESG principles into banking strategies, ensuring long-term competitiveness and stability." The report highlights strong asset growth across GCC banks, supported by robust capital adequacy ratios. Profitability saw a notable increase, driven by higher interest margins and disciplined cost control, while net interest margins (NIMs) remained stable despite economic fluctuations. Non-performing loan (NPL) ratios declined, reflecting prudent credit risk management, and cost-to-income ratios remained among the lowest globally, emphasizing continued operational efficiency. Investor confidence has also been reinforced, with bank share prices showing stability in a volatile market. In Qatar's banking sector, this year's report reaffirms Qatar National Bank's position as the largest bank in the GCC by assets, reaching USD 356 billion. Qatar also continues to lead the region with the lowest cost-to-income ratio at 25.6 percent and the highest coverage ratio for stage 3 loans at 85.1 percent, reflecting strong financial resilience. Across the GCC, profitability increased by 10.5 percent, driven by loan book growth, stable interest margins, lower loan impairments, and ongoing cost-efficiency measures. Total assets increased by 9.2 percent, supported by lending to high-quality customers. While net interest margins saw a slight dip of 0.1 percent, the overall NPL ratio improved, decreasing by 0.3 percent to 3.3 percent, signaling a continued conservative approach to credit risk management. Return on Assets (ROA) (1.5 percent in 2023) slightly increased by 0.04 percent compared to the previous year reflecting stable profitability relative to asset growth. Cost-to-income ratios remained stable compared to 2023 at 39%, reflecting the continued focus on cost reductions and operating efficiency. Moreover, the average coverage ratio for stage 3 loans remained broadly in line with prior year at 67%, highlighting the listed banks' cautious provisioning approach. Looking ahead, KPMG predicts that the GCC banking sector will continue evolving with an increased focus on AI and automation to enhance operational efficiencies, alongside the strengthening of ESG frameworks to embed sustainability within banking strategies. The rise of regulatory technology (RegTech) is expected to support compliance and risk management, while further industry consolidation will likely foster stronger and more competitive financial institutions. Additionally, balance sheet growth is projected to accelerate, driven by strategic investments and effective risk management, ensuring sustained financial stability and resilience. By offering data-driven insights and forward-looking perspectives, KPMG's Momentum and Transformation report serves as a valuable resource for banking leaders, regulators, and policymakers navigating an increasingly complex financial landscape. For more information, please contact: Huda Ibrahim – hudai@ Bassel Abou Ayash – babouayash@ For additional details about KPMG in Qatar and our privacy policy, visit About KPMG in Qatar KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more detail about our structure, please visit
Zawya
16-02-2025
- Business
- Zawya
KPMG's Annual Tax Summit 2025: Navigating the future of taxation in Qatar
Doha, Qatar – KPMG in Qatar successfully hosted its Annual Tax Summit 2025, bringing together finance and tax professionals to explore the latest developments shaping Qatar's tax landscape. Held at the prestigious Mandarin Oriental Hotel in Msheireb, the summit provided a platform for in-depth discussions on Global Minimum Tax (GMT), recent developments from the General Tax Authority (GTA), Transfer Pricing, Corporate Tax strategies, Tax refund opportunities and expected indirect tax updates. Anand Krishan, Director – International Tax, KPMG in Qatar, provided a detailed analysis of Global Minimum Tax (GMT) implementation across the GCC, discussing its impact on businesses, available deductions and safe harbors, and the critical steps organizations need to take to prepare for legislative changes. Haythem Zayed, Tax Partner, KPMG in Qatar, gave an updated overview of Qatar's tax objection and appeal process, outlining key procedural steps and the enforceability of tax liabilities. He highlighted the growing importance of compliance and risk mitigation, particularly in light of potential penalties that could significantly affect businesses. Khalil Khbabez, Associate Director – Tax, KPMG in Qatar, shared insights into recent tax appeal cases and the implications of asset seizures. He examined emerging enforcement trends, current challenges faced by taxpayers, and effective strategies to mitigate risks and ensure regulatory compliance. Uma Patankar, Associate Director – Transfer Pricing, and Diego Tay, Manager – Transfer Pricing, KPMG in Qatar, explored Transfer Pricing challenges in Qatar, offering best practices for audit defense and robust governance for all entities. Their session also highlighted areas for improvement in Transfer Pricing regulations across Qatar and the GCC. Arsalan Khan, Tax Manager, KPMG in Qatar, presented key regional tax updates, emphasizing the rapid evolution of taxation across the region. His session reinforced the importance of proactive tax planning to optimize tax positions amid shifting regulations. Imran Ayub, Tax Director, KPMG in Qatar, provided a detailed overview of tax refunds, explaining the different types of refunds available, the application process, and essential documentation. He shared key strategies to help businesses maximize their claims and enhance tax efficiency. Nurlan Sadraddinzade, Associate Director – Indirect Tax & Tax Technology, KPMG Qatar, led a session on indirect taxation, covering VAT implementation timelines, excise tax on sugary drinks, and updates to the GCC's 12-digit unified customs tariff system. His insights helped businesses understand how to navigate these upcoming changes effectively. Year after year, the KPMG Annual Tax Summit continues to be a hub for knowledge and collaboration, bringing together key stakeholders to share expertise, exchange ideas, and tackle emerging challenges. The event consistently leaves a resounding impact on attendees, equipping them with the tools needed to stay ahead in an ever-changing regulatory environment. KPMG remains committed to empowering organizations with forward-thinking strategies for long-term success. For more information, please contact: Huda Ibrahim – hudai@ Bassel Abou Ayash – babouayash@ For additional details about KPMG in Qatar and our privacy policy, visit About KPMG in Qatar KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more detail about our structure, please visit
Zawya
10-02-2025
- Business
- Zawya
KPMG launches 2024 Qatar CEO Outlook: Business leaders embrace transformation amid uncertainty
Doha, Qatar – KPMG in Qatar has officially released the 2024 Qatar CEO Outlook, offering a comprehensive analysis of the key trends shaping the business landscape. Based on insights from Qatar's top executives, the report explores how CEOs are navigating economic shifts, embracing digital transformation, and addressing sustainability and talent challenges in an era of rapid change. As organizations respond to global uncertainties, Qatar's CEOs remain optimistic about long-term growth, with many prioritizing resilience, technology adoption, and regulatory adaptability. The report reveals that 64% of Qatar's CEOs expect to see returns on their investments in generative AI within the next three to five years, underscoring a strong commitment to innovation. Additionally, 80% recognize AI as both a disruptor and a competitive advantage, reinforcing its transformative role across industries. However, leaders also acknowledge the challenges ahead, including ethical considerations, regulatory complexities, and evolving workforce dynamics. Ahmed Abu Sharkh, Managing Partner at KPMG in Qatar, emphasized the resilience of the country's business landscape, stating 'CEOs in Qatar are exhibiting innovation, endurance and agility as they navigate a constantly changing global landscape. They are preparing their businesses for long-term success by embracing generative AI and disruptive technologies, prioritizing inclusive talent strategies, and reinventing ESG as a value creation engine.' Economic sentiment among CEOs remains cautiously optimistic, with a strong emphasis on regulatory compliance and financial resilience. The report indicates that while leaders see opportunities for expansion, they are also preparing for potential risks posed by global economic fluctuations and evolving tax regulations. Venkat, Partner and Head of Advisory at KPMG in Qatar, noted the increasing role of strategic agility in corporate decision-making, explaining that 'Qatar's CEOs remain confident in their growth potential and the strength of the national economy, yet today's challenges highlight the critical need for resilience, adaptability, and forward-thinking strategies to navigate an evolving landscape." The report highlights sustainability as a critical focus for businesses, with growing demands for transparency and accountability from stakeholders. CEOs are enhancing ESG disclosures and integrating sustainability into their corporate strategies. Talent and workforce transformation remain key priorities, with business leaders emphasizing the importance of upskilling and leadership development to attract and retain top talent. The KPMG 2024 Qatar CEO Outlook provides actionable insights for businesses to navigate the shifting landscape. As organizations prepare for the future, understanding these key trends will be critical for sustainable growth and competitive advantage. To access the full report, visit: About KPMG in Qatar KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more detail about our structure, please visit For media inquiries, please contact: Huda Ibrahim hudai@ KPMG in Qatar Bassel Abou Ayash babouayash@ KPMG in Qatar
