Why consulting industry is growing that fast in the Middle East and for how many years this trend will be there
2 months ago
December 13, 2022
I am currently preparing for the case interviews, considering a career in Europe, but also open to other attractive locations. I came across the fact that the Middle East region is one of the fastest-growing consulting destinations in the world, growing on average around 10% every year. The consulting firms are heavily recruiting not only professionals with several years of experience but also fresh graduates.
Do you know, what are the main underlying factors behind this trend? And most importantly, for how long this trend for growth will be there?
1 month ago
true, the ME consulting market has been growing significantly in the last decade; nonetheless, it is far behind the developed economies. See the picture from statista.com - the ME market is roughly 20 times less than the US and 12 times smaller than the EU markets.
Saudi and the Emirates are the primary buyers of consulting services in the region. The reason for the sector's booming is simple - the ME countries are relatively new in their contemporary design. Their economies were based on incomes from the oil and gas sector, whereas other sectors were significantly underdeveloped. Some time ago the governments of the KSA and UAE have decided to diversify their economies, making them more sustainable. This all resulted in investing cash generated by oil and gas and also drawing foreign direct investments.
This growth and the recruiting trend will likely last for more than 10 years or even longer. Both leading countries have long term strategic plans to continue investments in their economies. Come to think of it, the KSA is planning to invest into the national economy around 3.2 trillion USD by 2030. This is a huge figure, as for example, the whole annual GDP of Germany or France is comparable with it.
See the link here: https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-plans-economic-overhaul-with-3-2-trillion-investment/articleshow/81771989.cms?from=mdr