According to a survey released on Wednesday, the demand for the services of the GCC consulting market is expected to soar due to economic diversification initiatives and mega projects, which will propel the market’s growth by 11% and surpass $6 billion in revenue this year.

According to Source Global Research, the expansion of the industry is also anticipated to result in more hiring in the area, in contrary to the global trend where large consultancies have been reducing their staff.

The anticipated growth in the regional market follows a 13.2% increase in sales to $5.4 billion in the previous year, which was higher than the sluggish growth in other global markets. According to Source’s most recent annual report, the market in France increased by 5.4% last year, while the market in the UK grew by 4.7%.

The consultancy industry in Saudi Arabia, the largest in the Gulf Cooperation Council (GCC), grew at a rate greater than the total market in 2023, rising to a record $3.2 billion in sales.

The market in the UAE increased by 15.2% to reach $1.1 billion, while those in Kuwait and Bahrain climbed by 8.9% and 7.2%, respectively, to $315 million and $146 million.

Oman’s market decreased somewhat by 0.3% to $156 million, while Qatar’s plummeted precipitously by 9.8% annually to $445 million, after growing precipitously in 2022 as a result of the FIFA World Cup.