Business Opportunities like consulting and other services for CMAs in Middle East Countries by CMA Pankaj Jain, Chief Mentor: JainVentures.in and Founder Past President: ISMA, cmaonline.in

1. Business Opportunities for CMAs in Middle East
In 2016, Saudi Arabia announced Vision 2030, a package of economic and social reforms
designed to diversify the economy away from its dependence on oil to attract foreign
investment and to create jobs for citizens. Their target is to raisie the contribution of small
and medium-sized enterprises (SMEs) to the GDP from 20% to 35% by 2030.
In the Gulf Arab region, the boom is just beginning. From incubators and accelerators, to
co-working spaces, education programs and funding, Saudi Arabia is seeing a surge in the
number of organizations to support entrepreneurs with an opportunity to learn from
international models as well as customize them for regional ecosystem.
Business Consultancy Services
One of the most promising business opportunities in the Middle East is business consultancy
services. If you are an expert in Global Business, you may be able to help other businesses
in the area since there are so many entrepreneurs and new start-ups. The increasing number
of companies in Middle East do require consultants dealing in marketing and finance
background to boost the company’s growth and earn more profits. Subject matter experts
and freelancers opt to open consultancy firms to provide services to clients effectively.
Since the number of business entities is expected to increase, the demand for consultancies
will grow accordingly. If you are planning to set up a consultancy firm, you can do that by
obtaining a consultancy license.
Financial Services
With so many business opportunities in the Middle East, there is a high demand for financial
services, including costing, bookkeeping, accounting and auditing. If you have knowledge in
this area, you may be able to gain part of the market share, especially if you are targeting
small businesses and start-ups so that you are not competing with the large international
accounting firms in the region. These services are coveted even more now since the VAT
was introduced in 2018 and businesses need help making the necessary calculations and
accounting reports related to it. It does not require much capital for you to start a such firm
in the Middle East. However, you will need to obtain a business license and have the
necessary credentials before you get started.