Fastest growth for seven years – April/May 22

We started planning in April for the early May launch of the Source Global Research GCC Consulting Market Report.

As we annually target journalists in the Middle East, many of the journalists know us and our client well, but there is sometimes movement in key personnel, so tracking down the appropriate person covering professional services/consulting can take time.

This year there was quite a bit of movement (perhaps because of people being allowed to move more freely again post Covid-19). Despite this, once again we had some prominent successes with the report covered in key national publications, The National, Arabian Business and The Gulf Times (Qatar).

The story this year was a very positive one. After contracting for the first time in its history in 2020, the market has bounced back strongly, recording an overall market growth rate of 17.7% in 2021—its fastest growth rate in seven years. The market also passed a total value of US$3bn (US$3.3bn) for the first time.

Ashok Patel, Market Trends, Content & Strategy Lead at Source Global Research said in the launch press release: “After a challenging 2020, consultants in the GCC enjoyed a much better 2021—recording the fastest market growth rate for seven years. Although Saudi Arabia led the GCC in terms of consulting market growth, the UAE, the region’s second largest market, also grew at an impressive 16.6%, largely driven by the country’s desire to emerge from the pandemic in a strong position. Long-anticipated events such as the pandemic-delayed Expo 2020 generated opportunities for consultants of all stripes as the country geared up to showcase its strengths.”

Leaving aside the impact of the war in Ukraine and consequence of economic sanctions against Russia, Source expects 2022 to be another strong year for consulting services with growth rates only slightly lower than last year’s exceptional performance.

Hopefully another positive story to tell this time next year!