Saudi Arabia Consulting Industry – Vision 2030, Growth & Market Trends
Saudi Arabia's consulting sector is growing rapidly, driven by economic diversification, digital transformation, and regulatory changes under Vision 2030. The Debt Capital Market (DCM) is projected to reach $500 billion by 2025, while non-oil sectors contribute 65% of economic activity. The finance and accounting BPO market generated $515.1 million in 2024 and is expected to grow at a CAGR of 7% through 2030.
Key Trends & Investments
- Digital Transformation: Increased demand for consulting services in technology adoption and business process optimization.
- Major Infrastructure Projects: The $500 billion NEOM city and other large-scale developments create significant opportunities for consulting firms.
- Financial Growth:
- Retail banking market CAGR of 6%
- Digital payments growing at 18% YoY
- Payments market projected to reach $298.26 billion by 2030
Regulatory Changes & Workforce Localization
- Saudization Policy:
- 40% Saudization in consulting firms
- 35% Saudization in engineering consultancy
- 30% Saudization in financial advisory
- Expected to create 8,000+ high-value jobs and retain $1.2 billion annually.
- Tax Incentives:
- 20% corporate tax rate (exemptions in free zones)
- Streamlined licensing via MISA for foreign investors
- Consulting Industry Expansion:
- FTI Consulting launched a tax advisory practice in Saudi Arabia.
- Tharwah HR Consulting became publicly traded on Tadawul’s Nomu-Parallel Market.
- HKA attained a Regional Headquarters (RHQ) license, solidifying Riyadh as a regional consulting hub.
Market Developments & Global Interest
- Saudi consultants recognized in Lexology’s Top 5 global experts for construction law, project finance, and dispute resolution.
- PwC layoffs in the US do not impact the Middle East, reinforcing the region’s stability for consulting firms.
- Saudi Arabia’s industrial sector grew by 60% since Vision 2030, driving consulting demand in infrastructure and logistics.
Saudi Arabia's consulting sector is thriving, backed by government initiatives, foreign investments, and workforce localization policies. With major infrastructure projects, a rapidly growing financial market, and digital transformation initiatives, the demand for consulting services is set to expand significantly in the coming years.
