Construction consultancy Turner & Townsend posted higher revenue growth in the Middle East region than in its global operations in its previous financial year, thanks to the growing strength of the area's construction market.
The UK-based cost and project management consultancy said revenue increased 20 per cent to £491 million (Dh2.35 billion) and net profit also rose 22 per cent to £ 36.2 in the financial year that ended April 30 despite what it described as a "backdrop of volatile global market conditions".
The Middle East business outperformed with revenue revenue rising 42 per cent to £45.6m. The company also said profit in the region increased by 24 per cent, but did not give a profit figure.
Alan Talabani, the new Middle East managing director for Turner & Townsend, said: “These outstanding results reflect the strength of the market in the Middle East. Key projects such as Expo 2020 in Dubai are energising the real estate and infrastructure markets and the overall push to diversify economies away from a carbon base has enabled us to broaden our own project portfolio into new areas, including manufacturing.”
The company said that it won a number of new projects during the year, including new property work with retail and leisure clients such as Dubai’s Atlantis Hotel and Galleries Lafayette in Doha. It is also continuing to advise Dubai Airports on the expansion of Al Maktoum International Airport in Dubai.
Mr Talabani's promotion to regional managing director, from UAE country manager, was announced last month following the retirement of former regional head Mike Collings. Mr Talabani has worked in the region for eight years and for the business for 20 years.
Speaking to The National following his appointment, he said that Turner & Townsend finally expects to open an office in Saudi Arabia soon.
“We’re finalising our registration,” Mr Talabani said. “While we’ve been saying this for quite a while, we feel that we’re very close now.
"It's the biggest market in the GCC and if we want to be a serious player here, we need to be in the biggest market."
Mr Talabani said that the firm, which currently employs about 350 people in the region and almost 4,700 people worldwide, is likely to employ more people across the region by the end of its current budget year than it did last year, thanks to anticipated growth in Saudi Arabia.
"It's mainly driven by our clients," he said.
“They want to do business in different areas and we want to go and help them. There have been many instances where we have helped clients remotely in Saudi Arabia and we are now at a point where there have been a few that we have been unable to help, because we haven’t been established there.”
A report published yesterdayby BMI Research stated that the GCC states were continuing to outperform the rest of the Middle East and North Africa region, filling the top six spots in its Risk/Reward Index for the area.
Saudi Arabia was considered to be the second-best market in terms of potential opportunities thanks to its “scale and long-term growth prospects”.
However, it also warned that the ongoing dispute between Qatar and several of its Arabian Gulf neighbours put this competitive advantage at risk.
“While we still expect an agreement to eventually be reached – most likely via US mediation – Qatari and Saudi signals of unwillingness to compromise on key issues thus far suggest that the negotiation process could take several months longer than expected,” the report said.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
