- Hi, I’m Gerard Nicholas Soverall, an experienced Tax Professional and career mentor who has worked with renowned firms across the UK, South Africa, and Saudi Arabia.
- In 2017, while still a Senior Partner with PwC South Africa, I needed to explore a new region that would contribute to my personal and professional growth. The Middle East caught my attention! Why? VAT was being introduced.
- By Nov 2017, I was in Saudi Arabia and started working at KPMG KSA, Heading their Indirect Taxation.
- Here is why I moved to Saudi Arabia and my insights into the evolving Saudi Arabian market for tax professionals.
Finding My Calling in Taxation
Even as an accomplished tax professional today, it’s fascinating to trace back to my roots.
To start with, I graduated in biology and chemistry.
Unsure of what to do next, I joined the Civil Service in the UK and was assigned to HM Customs and Excise (now HM Revenue & Customs). Over here, I got an opportunity to work in the Value Added Tax (VAT) department.
I soon realized that I had a knack for taxation.
Three years later, I joined Coopers & Lybrand in the UK (which later merged with Price Waterhouse to form PwC).
My career was on an upward trajectory, but I desired to lead a practice and implement my ideas on business and people development. I wanted to work outside of the UK.
In 1998, a job opportunity arose with Arthur Andersen in South Africa.
Value Added Tax (VAT) was still in its development stage in South Africa (it was implemented in 1991), which would allow me to introduce more advanced planning and advisory techniques to the firm. It seemed exciting.
After discussing it with my wife, we decided to try it and moved to South Africa with our two young children.
In 2002, Arthur Andersen South Africa was acquired by PwC.
While at the firm, I frequently traveled, met new people, and built businesses across the region. I provided tax advice to clients in the Telecommunications, Banking and Capital Markets, Pharmaceuticals, and Distribution industries across the UK and sub-Saharan Africa. I worked my way up the ranks to become a Senior Tax Partner.
In 2016, after spending over 15 years in South Africa, I needed to explore a new region that would contribute to my personal and professional growth.
And then came the question yet again… What next?
In 2017, I began searching for opportunities that would contribute to my personal and professional growth.
The Middle East seemed exciting as VAT was about to be introduced in several regional countries. The opportunity to be involved in the initial stages of the tax implementation was exciting.
And so, two options stood before me – UAE and Saudi Arabia.
I leaned more toward Saudi Arabia as it presented different challenges for me compared to the UAE. However, I needed to know what types of clients there were, how is the economy made up, and whether it was heavily reliant on petrochemicals and oil and gas.
We visited Riyadh, Saudi Arabia’s bustling economic city to understand the country and weigh our options.
Here is what I observed:
Economy:
- Saudi Arabia boasted a larger economy, roughly two times the size of the UAE.
- I was amazed to see the projects being set up and implemented in Saudi Arabia. I am unsure if there are too many countries in the world where you can witness such a scale of infrastructure development as Saudi Arabia.
Housing:
- Living conditions were also a significant factor. We found excellent accommodation.
Culture:
- I found the traditional Arabic nature of Saudi Arabia very appealing.
The decision was made!
I accepted the offer from KPMG KSA as Head of Indirect Taxes. In November 2017, I moved from South Africa to KSA to start a new journey.
Saudi nationals effectively own KPMG KSA and were very welcoming when I joined.
We worked with individuals from diverse backgrounds, hailing from virtually every corner of the globe. Although it doesn’t appear so from the outside looking in, Saudi Arabia has quite a multicultural environment, which is impressive.
I wanted to operate within an environment where standard business practices applied, such as contractual agreements, prompt bill settlements, and productive client discussions. Thankfully, these prerequisites were in place.
They allowed me to build the practice I wanted, which impressed me even more.
After an excellent five-year stint with KPMG KSA, in May 2023, I embarked on a new professional chapter as a Tax Partner at MMJS Consulting KSA.
It is a boutique tax consulting firm in Saudi Arabia with a team of 30 people. The firm has been in the region for two years now.
Saudi Arabia: A Growing Market for Tax Professionals
When I arrived in Saudi Arabia, the Head of Tax position was almost nonexistent in most commercial organizations, excluding professional services firms.
Every sizable organization across various sectors now has a dedicated senior tax position.
There is also a demand for senior financial professionals at the CFO and group accountant level for large-scale projects and rapidly growing business groups.
Here are the organizations in Saudi Arabia that are hiring tax professionals the most:
Big Four and Tier 2 firms:
- It’s not just the Big four firms that offer opportunities for consulting roles; firms like Grant Thornton and Baker Tilly are hiring extensively.
- They are employing experienced professionals, as well as article clerks.
Boutique firms:
- There aren’t many boutique firms in the tax consultancy space in Saudi Arabia at the moment, but the number is growing as opportunities increase.
Management consultancy:
- Renowned management consulting firms like McKinsey & Company, Bain & Company, and Kearney have a significant presence in KSA.
Other financial institutions:
- Saudi Arabia possesses a thriving banking industry. Most major global merchant banks operate in the region. One can find opportunities in these institutions as well.
- While the trading volume in Saudi Arabia’s capital markets may not match that of more significant global exchanges, it is gradually evolving.
These firms hire professionals from diverse backgrounds, such as the UK, the US, South Africa, Australia, Pakistan, India, and Europe.
You can apply to these organizations through platforms like LinkedIn and recruiting agencies.
Apart from intellectual curiosity, here are some indispensable skills and qualities you need to acquire to build a career in Saudi Arabia or the Gulf Cooperation Council (GCC) region.
Attitude and willingness to learn
- Qualities like having the right mindset to succeed at work alongside your colleagues in a foreign environment cannot be taught.
Technical skills
- You must have the necessary skills, such as people and technical skills in tax or accounting, as they set you apart.
- Be prepared to try to understand your subject matter and your work environment.
- Successful professionals possess a comprehensive knowledge of their field, extending beyond their nation to encompass neighboring countries.
Understanding the industry and business
- Clients appreciate consultants who take the time to understand their business.
- In my case, I have undergone management training and pursued business and marketing qualifications. These may not directly relate to tax but provide insights into commerce, business, and development.
Leadership skills
- Willingness to take on a leadership role is crucial, and I am not just referring to leading a practice or a large team.
- Sometimes, instead of always relying on managers or seniors, you need to step forward and take initiative.
Pursuing professional qualifications
- If you want to distinguish yourself, pursuing a professional qualification is highly recommended.
- CA (Chartered Accountant), FCCA (Fellow Chartered Certified Accountant), CPA (Certified Public Accountant), CTA (Chartered Tax Adviser), and ADIT (Advanced Diploma in International Taxation) are globally recognized and accepted.
- Many audit firms are hiring experienced professionals and freshers possessing CPA qualifications.
Emotional Quotient
- It is also important to be sympathetic and empathetic towards others.
- While deadlines may sometimes overshadow sympathies, you can be caring toward your team members and still accomplish your work.
You may not possess all of these attributes from day one, and that’s okay.
What’s important is to recognize their importance and work towards developing them.
Closing…
Much development is taking place in Saudi Arabia, including mega projects like Red Sea Global, Qiddiya, and Neom.
Also, the economy is diversifying to include arts, entertainment, tourism, and sports.
With these developments, there will be a ripple effect regarding downstream services. Demand for tax-related consulting services is growing.
It is also important to note that Saudi Arabia aims to reserve specific sections of the job market for Saudi nationals.
That said, there remains plenty of opportunity for committed professionals. They must research the preferred industry and network and stay updated with the country’s latest regulatory and economic changes.
The last advice I would like is that there is no shame in asking for help when you find yourself struggling in your work.
Growing up, I didn’t have much exposure to the finance world. I am grateful to the people who have guided me throughout my career.
