Qatar’s consulting market place grew 16.6% in 2021 to $321mn joint next only to Saudi Arabia in the GCC area, a new report by Resource World Research has revealed.
Like other international locations in the location, Qatar professional a increase to its economy and public sector spending plan thanks to bigger oil costs and a thriving write-up-Covid reopening, which produced a surge in consulting need across a range of sectors.
Consultants in Qatar also observed options made by the conclusion of the diplomatic and economic blockade on Qatar by some of its GCC neighbours, Source Worldwide Investigation famous.
Preparations for the FIFA Planet Cup Qatar 2022 also drove continued infrastructure and expert services investments. These trends translated into superior development in method consulting in distinct, which grew 24.1%, although operations and human methods, modify and people today system consulting grew 15.7% and 16.5%, respectively.
From a sector point of view, the rollout across Qatar of the 5G community ongoing at speed, driving sturdy consulting desire in the technologies, media, and telecom (TMT sector — up 21.8%), Source Global Exploration reported.
The markets for manufacturing and retail consulting in Qatar also grew strongly as both of those sectors enjoyed considerable restoration upon rising from the pandemic, the report noted.
Across the GCC, cybersecurity is the speediest-developing consulting services throughout the location, although pharma and biotech is the fastest escalating sector for consultants.
Immediately after contracting for the initially time in its history in 2020, the GCC consulting industry has bounced back strongly, recording an all round market place expansion charge of 17.7% in 2021 — its fastest progress fee in seven decades. The industry has now passed a complete benefit of $3bn ($3.3bn) for the initial time.
When risky oil costs and Covid-19-connected limitations lingered about the current market in the early days of the 12 months, government initiatives to push on with expense and economic transformation programmes throughout the area — specially in relation to Expo 2020, FIFA Planet Cup Qatar 2022, and Qatar National Eyesight 2030 — boosted need throughout the consulting sector.
The Resource World Exploration also surveyed client organisations across the Gulf, with 59% stating that they be expecting to commit a lot more on consulting support in 2022 than they did in 2021.
The report says that although this proportion is marginally scaled-down than the 63% who claimed this previous yr, it demonstrates Source’s overall watch of 2021, that — leaving apart the influence of the war in Ukraine and consequence of economic sanctions towards Russia — 2022 will be a different strong yr for consulting companies with growth prices only somewhat decreased than very last year’s outstanding general performance.
Ashok Patel, Current market Traits, Material & Strategy direct at Supply World Research mentioned: “After a tough 2020, consultants in the GCC savored a much better 2021—recording the quickest sector progress price for 7 yrs. Very long-anticipated occasions these as the pandemic-delayed Expo 2020 generated possibilities for consultants of all stripes as the nation geared up to showcase its strengths.
“Our knowledge displays that the GCC is recovering speedily from the pandemic. Pretty much 50 percent of clientele we surveyed in the Gulf area assume that their organisations have returned to ordinary following the pandemic, which is a noticeably larger proportion than in other countries that we have analysed as aspect of this year’s Market place Tendencies programme. With greater optimism returning to the region, and just about two-thirds of client organisations anticipating to spend additional on consulting help this 12 months than they did in 2021, we are forecasting yet another potent calendar year for the region’s consultants.”