Gulf Consulting Market Booms Amid Global Industry Challenges
As the consulting industry faces headwinds in key markets like the United States and United Kingdom, the Gulf Cooperation Council (GCC) region is experiencing unprecedented growth in its consulting sector. The GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, has become a beacon of opportunity for consulting firms and professionals alike.
According to recent data from Source Global, the GCC consulting market is projected to grow by 13.2% in 2023, significantly outpacing the slowed growth observed in Western markets. Dane Albertelli, a senior consultant with extensive experience in the region, notes, “The opportunities in the GCC are unlike anything we’ve seen before. It’s a cascade of projects and initiatives driving demand for consulting services.”
This surge in consulting activity can be traced back to the UAE’s early efforts to diversify its economy, which set the stage for a broader regional trend. Major consulting firms, including Deloitte, PwC, EY, KPMG, McKinsey, BCG, and Accenture, have expanded their presence in the GCC to capitalize on this growth.
Saudi Arabia’s Vision 2030 has been a particularly significant driver of consulting demand. The ambitious plan, which includes megaprojects like Neom and the hosting of major international events, has created a wealth of opportunities for consultants across various sectors.
Other GCC countries are following suit with their sector-specific initiatives. The UAE is focusing on healthcare innovation and medical tourism, while Bahrain, Kuwait, Qatar, and Oman are pursuing projects in tourism, sport, technology, and infrastructure. International consultants play a crucial role in designing and implementing these ambitious plans.
However, the boom is not without its challenges. Some projects, such as Neom and the 2022 World Cup in Qatar, have faced scrutiny over human rights concerns. Despite these issues and global macroeconomic tensions, the GCC consulting market has remained resilient, buoyed by substantial oil funds.
Looking ahead, experts predict continued growth in the GCC consulting market. As infrastructure projects mature, there’s likely to be a shift from strategy-focused work to more operational consulting. The region’s tax benefits and ongoing societal changes make it an attractive destination for consulting professionals.
The GCC market presents unique dynamics, with national governments often serving as primary clients for consulting firms. Dawud Ansari, an expert on Gulf energy politics, highlights the significant influence consultancies have on policymaking in the region. This reliance on external expertise has raised concerns about its impact on public trust and local career development.
Emerging trends in the GCC consulting landscape include the rise of local boutique advisory firms and the impact of policies like Saudi Arabia’s “Saudization” initiative. However, Gulf states remain focused on outcomes and brand reputation, valuing top talent regardless of nationality.
As the GCC consulting market continues to evolve, it stands out as a bright spot in the global industry, offering unique opportunities and challenges for firms and professionals navigating this dynamic landscape.
