While there’s a huge demand for consultants in the Gulf as states work to transform their economies, bankers will be struggling to keep their jobs.
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It's a great time to be a consultant in the Gulf Cooperation Council.Demand for consultants and consultancy firms in the region was much stronger than expected in the first quarter and is set to stay that way for the remainder of the year, according to recruiter Morgan McKinley. By contrast, hiring by banks slumped 60 percent in the three months through March and isn't likely to improve by December, it said.Demand for management consultants in the GCC is soaring as countries such as Saudi Arabia seek ways to reform their economies after a 70 percent decline in the price of oil since 2014 . Consulting firms earned $2.7 billion in the region last year, a 9 percent jump from the year earlier, according to London-based Source Global Research, which tracks the management consulting industry. Banks in the United Arab Emirates have shed more than 1,500 jobs, according to financial recruiters and Bloomberg calculations.
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