Within five years, the British had deposed three rulers in the southern Gulf (Sharjah in 1965, Abu Dhabi in 1966 and Oman in 1970). His reasoning was that these old regimes were obsolete in an era of economic modernization. The internal government had to be reorganized to adapt it to “development”. Reign Capital and Consulting Group specializes in financing, financing, consulting and transaction flow both domestically and internationally.
We help large and small companies, private or public, to achieve their capital objectives. Whether you're looking for capital, restructuring, acquiring companies or assets, going public or looking to expand, Reign's diverse vehicle and support platform offers options and services that aren't matched by others. Our methodology is simple; focus on the solution to get the final result. The Gulf States, including Saudi Arabia, are plagued by “megaprojects” and abandoned cities of which the financial nexus and management consulting were the main architects, but which turned out to be a colossal failure in the midst of the financial crisis.
However, the focus on privatization is not surprising, given the nature of the management consulting business, whose approach focuses on financial “corporate value” as a fundamental metric. Company employees are rarely welcomed by management consultants like McKinsey, and in this case, the causes of hostility and skepticism are multiplied tenfold. Thus, after a financial crisis brought Saudi Arabia to its knees in 1957, King Saud welcomed consultants from the IMF and the World Bank to reorganize the monetary and fiscal bases of the country's economy. Instead, they pay billions of dollars to receive the wisdom of global management consultants (who almost never include local people in their ranks).
With one of the most competitive compensation plans in the industry, there are endless opportunities to earn money as a consultant at Reveal. However, while it's easy to associate the operations of consultants like McKinsey with neo-liberalism and financialization, the Gulf States have been addicted to Western consultants for nearly a century. A common joke is that almost all jobs in companies and state bureaucracies have been “attached” (in business jargon for “delegate”) to consultants in one way or another. In fact, the Aramco plan seems to have been the work of the “McKinsey Ministry”, as Saudi bureaucrats sarcastically described the most prestigious consulting firm in the world.
In short, all the countries of the Gulf have commissioned a global consulting firm to develop an “economic vision” that will guide them to a future after oil. On the contrary, Monitor, which was once a highly regarded consulting firm, had to declare bankruptcy after the revelations of its relationship with the Gaddafi government. That's why the Deputy Crown Prince's decision to draw up a plan in secret with management consultants and announce it to the world in Bloomberg was so important. Domestic technocrats, while still being trusted with more power than Western consultants, would now run the economy with barely a hint of radicalism.
McKinsey is relatively new to the Gulf, but her meteoric rise over the past decade has taken her to the top of the local consulting market, just like anywhere else. The proposals presented mean that a trinity of members of the royal family, management consultants and corporate funders will surpass Aramco.
