Contractor registers 7% growth in 2019/2020 FY, and expects massive increase in business due to Saudi Vision 2030
Salem Balhamer General Contracting Company, the Saudi-based contractor, has announced it has registered a 7% growth in the 2019-2020 financial year, and that it is now anticipating a further increase in business over the coming years.
According to a report in a regional publication, the Dammam-headquartered specialist in medium and large-scale projects said that the surge in activity in the contracting sector was due to Saudi Vision 2030, and that the company was in a ‘solid position’ to expect a growth rate of 25% to 30% over the next few years.
Regarded as a key player in the Kingdom’s construction landscape, the contactor specialises in buildings and public facilities; metal and industrial construction; electromechanical works and infrastructure, including air-conditioning, communications networks, drainage, fire alarm and control systems, and infrastructure networks.
Furthermore, the company is also known for its finishing works, glass façade works, carpentry, metalwork, and maintenance and logistic services and equipment.
“We have been maintaining a stable growth rate over the past few years thanks to the structural re-organisational move and ability to adapt to the current market needs,” said its CEO Ahmed Salem Balhamer during an interview with the regional publication.
He added that the company has added several services to its portfolio, including the ability to offer post-tensioned roof slabs and the installation of communication network infrastructure.
Established in 1993 by Shaikh Salem Ahmed Balhamer, the company has two branches in Saudi Arabia – in the capital of Riyadh and in Al Ahsa; as well as a branch in Bahrain. It currently boasts a 450-strong workforce comprising of both locals and expats.
It is currently working on a 40-storey residential tower in Manama, Bahrain, which features 305 apartments and lifestyle amenities, and has recently completed a major project, which is the Balhamer Business Gate, a 24-storey office tower in Dammam.
In addition, the CEO said that a string of projects that have been handed over to owners.
“These include a housing complex for Hajar Electricity Company and a number of schools in Dammam and Al Ahsa for the Ministry of Education, besides a few medical stores for Salhia Medical Services Company,” stated Balhamer.
Also, as part of a government project, Salem Balhamer has implemented a fibre-optic network for the Integrated Communications Company and Saudi Telecom in the Dammam, Riyadh and Al Ahsa regions, he said.
“We will soon be entering new markets in the energy, utilities, industrial and tourism development sectors in line with Saudi Vision 2030,” the CEO added.
In order to maintain a competitive edge in the market, he explained that the contractor would look to boost its presence in the specialised services sector through strategic tie-ups with leading global players. These would mainly be for the implementation of engineering and marine works, post-tensioning roofs, and production of solar energy, Balhamer conclcuded.