Consulting industry has begun its reign in GCC regions, including Saudi Arabia. This kingdom is noted to be the most prominent country among others such as Bahrain, Qatar, Kuwait, Oman, and the UEA. Data from research institution proved that Saudi business consulting market and other countries grew amounted to $2.8 billion in 2017, which showed a positive growth compared to the previous year.
However, it cannot be denied that this market has decline period, particularly from 2014 when the growth was as high as 20 percent. Of $2.8 billion of total management consulting market revenue from GCC regions, Saudi Arabia was the major contributor as its revenue reached $1.3 billion at rate of 8%. This value is far higher than UEA, Qatar, Bahrain, and Kuwait.
Triggering Factor to Set Saudi Arabia a Double-Digit Growth
What makes Saudi Arabia so prominent in consulting industry? The double-digit growth expected from this country is not without reason. It has been known that Gulf Cooperation Council (GCC) region is a prospective market for global consulting industry. Among other countries, Saudi Arabian market is considered the charming for world’s leading consulting firms.
This cannot be separated from the fact that Saudi Arabia experienced adverse impact of the decrease of oil prices. The country has to take real action to save the revenue, and Saudi business consulting is one of the most stable markets than others. Besides, it is also triggered from the strategy of Vision 2030 that aims to reduce the country’s reliance on oil.
There are also a series of national programs, not only in Saudi Arabia but also in other GCC countries to steer away from oil-based economy. This becomes a big opportunity from world class consulting firms to penetrate the country and open new offices. There are several world’s leading firms noted to join Saudi Arabian development program to achieve the target in 2030.
Business Consulting Revenues in GCC Regions
As aforementioned, Saudi Arabia places the first rank of the highest revenue from management consulting market. This makes the kingdom the most prominent country among others. From $2.8 billion, Saudi Arabia contributed $1.3 billion or it is equivalent with 7% of growth. This is far higher than other countries such as Qatar, Bahrain, Kuwait, Oman, and the UEA.
Following Saudi Arabia, there is UEA which received approximately $790 million of revenue. This gives the UEA the second place. Meanwhile, Qatar that received around $340 million last year makes it get the third place among other GCC regions. In the fourth place, there is Oman with $100 million and is followed by Bahrain with $80 million in 2017.
Saudi Arabia has a potential to reached double-digit growth in 2018. Saudi business consulting is expected to be more prominent as the Crown Prince Mohammad bin Salman gives extra impetus to achieve the target of Vision 2030. It is not impossible for the country to be able to get off the reliance on oil industry with such strategic plan taken. And, consulting industry is predicted to grow bigger in the future.