Dubai Career Diary

Saudi businesses are reassessing their reliance on strategy consultants, leading to a 5% decline in new strategy consulting jobs in the Gulf region. According to Cooper Fitch CEO, Trefor Murphy, this shift is driven by Saudi firms reevaluating their spend on consulting services.

Decline in Strategy Consulting Jobs

The decline in strategy consulting jobs is attributed to Saudi firms opting to hire full-time employees for major initiatives, rather than relying on consultants. However, Murphy notes that this does not signal a hiring freeze in the sector. Instead, organisations are conducting reviews to understand their needs, particularly within mega and giga projects.

No Hiring Freeze Expected

Contrary to speculation, a hiring freeze is not expected in the strategy consulting sector. According to Murphy, “There is still a preference to hire consultants rather than full-time employees for the foreseeable future.”

Saudi Arabia Remains Key for Consulting Sector

Despite the reevaluation, Saudi Arabia remains a significant consumer of strategy consulting services in the Gulf region. Murphy emphasized that “The UAE is the hub for consulting services, but Saudi remains and has been for many years the significant consumer of these services, this is set to continue for many years.”

Legal and Investment Roles in Demand

While strategy consulting roles dipped, there was a 9% increase in legal and investment management jobs across the GCC in Q1. This underscores the continued diversification of the Gulf economies.

“The demand for legal roles within investments, real estate, and family groups is driven by a spike in mandates for lawyers with backgrounds in transactions, project finance, and project development,” said Murphy.

The entry of major international firms into Riyadh and new market entrants establishing presence in the UAE’s financial hubs are key drivers of this demand.