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Saudi Arabia Report
Marcopolis presents the Saudi Arabia Report focused on the investments, doing business, economy and other topics featuring interviews with key executives. The sectors under review in this issue are industry, real-estate, ICT, investments, banking sector, telecom sector and many more.
VideosNovember 22, 2021
Management Consulting Sector in Saudi Arabia: Discussing the Impacts of Vision 2030
- Written by Sandra Francisco
- Published: November 22, 2021
Mohammed Nashar Al-Rashidi, CEO of Kafaa, shares his assessment of the management consulting sector in Saudi Arabia and talks about Kafaa’s role within the sector.
"We are part of the management consulting sector which basically handles many services including financial consulting, technical operation consulting and advisory, companies’ restructuring strategies, strategies enhancement, developing operating models, and HR related consulting topics. All of that and many subtopics are classified as management consulting. The sector itself in Saudi Arabia has been developing over the years in many aspects such as from economical sides, evolving in terms of the types of services and management consulting services, in terms of how much it is supporting the private sector, and in terms of the wide range of businesses and government entities it covers. Today, the management consulting sector is worth about $1.6 billion in Saudi Arabia and that value has been growing over the past five years. It slowed down in certain years for various reasons, but it recovered quickly and continues to evolve. Much like many other sectors and businesses, our sector reacts to oil prices and overall regional and country economics. For example, in 2017 when oil prices decreased, the management consulting sector quickly recovered, averaging nicely even for that year. The same thing happened with the impact of COVID. Of course, globally and locally, all businesses were impacted in one way or another; yet, while other sectors suffered, the management consulting sector managed to maintain the great progress that it made between 2017 and 2019. Perhaps the growth and the slope of the growth is not as steep as it was in previous years, but there has been growth. We had an excellent year in 2019 which helped us carry over to 2020 and the start of 2021. Nevertheless, the speed of the recovery and how fast we are moving has been very good. Vision 2030 had a tremendous impact on the growth of this sector, much like many other sectors. Specifically, it helped this sector to grow not only from a business perspective but it also helped the sector to develop to cover wider parts of both the private sector and the public sector, covering all sizes of businesses and not being limited to the big spenders or big government entities, but also serving many sub entities and smaller companies as well. The Vision unleashed tremendous energy toward transformation and boosted our progress in performance which really sparked the need for that special expertise to fuel this fast transformation and growth that we aspire to achieve", says Mohammed Nashar Al-Rashidi.
For more information, please visit: https://kafaa.sa.
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