The combined GCC consulting market, which grew by 18 per cent between 2011 and 2012, is now worth just short of $1.9 billion and is set to reach $2 billion during the next 12 months, a report said.
This follows strong growth in 2010-2011, added the report released today (April 21) by Source Information Services (Source), a leading provider of information about the market for management consulting.
The report also found the Saudi Arabian consulting market, which grew by 34 per cent to $791 million, has now emerged as the largest consulting market in the GCC, eclipsing that of the UAE ($553m).
Behind Saudi Arabia, the report said that Qatar is the next most exciting market – growing at 14 per cent to $232 million.
“Qatar will be a huge market for consulting given the confidence in the economy and their bold planned developments,” said Julian Hawkins at Deloitte, a leading financial advisory.
The greatest sector growth across the region is coming from the public sector, which grew by over a third (37 per cent) between 2011 and 2012. However, Source pointed out that the GCC sector distinctions are inherently difficult to make because so much is owned by governments across the region.
Consulting services that are in greatest demand from GCC companies and public sector organisations is operational improvement work (up 38 per cent), technology (up 33 per cent) and HR consulting (up 28 per cent).
The report said that the growth in operational improvement serves as a reminder that even in high-growth markets like the GCC efficiency remains a high priority for clients.