Vikas Papriwal

The past year has been a reminder of just how interconnected, complex, and sometimes volatile the world has become. In the consulting industry, we’ve faced what can only be described as a “perfect storm” of challenges. The global economic slowdown coupled with an elevated interest rate environment made access to financing more difficult for businesses.

Simultaneously, geopolitical uncertainty, including regional instability, has created additional challenges, influencing investor confidence and cross-border trade. Supply chain disruptions — something that businesses have been grappling with globally since the pandemic — didn’t entirely abate this year either.

Closer to home, the GCC faced its own unique set of challenges. A relatively low-price oil market influenced government revenues. Governments and businesses had to walk a fine line, balancing necessary fiscal prudence with their diversification ambitions. This pushed many organisations to seek external expertise to keep their plans current while managing the immediate headwinds. This is where consulting firms have stepped in, not just to solve immediate issues, but to become partners in shaping long-term strategies. Firms are increasingly turning to consultants not just for solutions but for foresight.

At FTI Consulting, we’ve seen firsthand how businesses are navigating choppy waters. Businesses have sought our increased support in key areas such as strategy reset, corporate finance, dispute resolution, mergers and acquisitions, and strategic communication, reflecting their need to adapt to the complex landscape. Whether it was helping clients manage liquidity and restructure operations or advising them on navigating regulatory frameworks, the focus was on building resilience to weather the current challenges while keeping an eye on long-term goals and emerging opportunities. We are being called increasingly to provide tailored expertise to steer organisations through not only the macro challenges but also sector-specific nuances. Our knowledge together with a strong functional expert model — both from global markets and here in the GCC — has allowed us to help organisations bridge the gap between their aspirations for growth and the realities of execution.

This year is expected to bring a mix of continuity and new pressures. Volatility is likely to remain a factor. Businesses will need to account for change not as a one-off disruption, but as a constant in their planning and operations. Whether it’s refining strategies to adapt to new market realities, restructuring operations to enhance efficiency, or guiding regulatory compliance, firms like ours will need to be agile in anticipating the evolving needs of our clients. To this end, we ensure that we have the right people for the right challenges.

A key trend we’re observing is the growing maturity of regulatory frameworks across the GCC. We’re actively working with key financial districts such as Dubai International Financial Centre and Abu Dhabi Global Market to support them in their regulatory journeys — whether in arbitration, dispute resolution, insolvency, or economic diversification — helping enhance their competitiveness and attract global investors.

At FTI Consulting, we’ve spent 2024 deepening our presence and expanding our capabilities to better serve our clients. Earlier this year, we secured our regional headquarters license for our Riyadh office, reflecting the kingdom’s growing significance in the region’s economic landscape. This is on the back of our consolidation in the Dubai International Financial Centre. But our growth story is less about expanding for the sake of it and more about aligning with the market’s needs and the clients we are supporting.

The region’s trajectory is set for growth, but this growth will require intentional effort, strategic agility, and often, plenty of external expertise. Firms like FTI Consulting are energised by the opportunity to keep playing a meaningful role in this transformation.