The firm said 75% of its business came from existing clients, while the delivery of cost management services represented 70% of its workload
Thomas & Adamson has said that its turnover and staff headcount grew by 25% and 20% respectively in the first half of FY2023, representing significant growth compared to FY2022. The firm said that its strong performance in the Middle East has been driven primarily by the UAE.
Quoting Mordor Intelligence, the firm said the UAE construction market size in 2023 is $38.99bn, with $145bn in projects currently underway, and a project pipeline of approximately $125bn. Despite being a growth market, inflation across construction prices, dynamic market conditions and supply chain challenges, including high levels of construction price inflation have given rise to a desire by clients to minimise timeline deviations and cost overruns, it said, before adding that proven PM and CM firms have been winning work to tackle these constraints.
In the FY2023 period to date, the Middle East accounted for 15% of T&A’s global turnover and is on track to set a new high watermark for the region in the post-pandemic period. 80% of T&A’s Middle East business came from Dubai, while 13% came from Saudi Arabia. The remainder of the work was sourced from several other regional markets, including Abu Dhabi, Sharjah, Ras Al Khaimah and Egypt, the statement pointed out.
“We are pleased with the recent performance we’ve achieved in the Middle East and look forward to closing the year with stronger results still. It’s been a pleasure for Thomas & Adamson to work with such a diverse mix of valued clients across the region this year, and we look forward to supporting their development aspirations in the future,” said Zander Muego, Partner at Thomas and Adamson.
The CM service line is said to have represented 70% of T&A’s workload during FY2023 to date, with the balance being PM-led engagements. The pipeline for Q4 2023, however, shows a 40% increase in PM projects with T&A looking at a more balanced split between its two core service offerings. The firm also explained that 75% of its business came from existing clients, with the balance coming from new clients.
Muego remarked, “We remain committed to being a trusted partner and working closely with clients to deliver excellence, efficiency, and satisfaction on projects across sectors. Our extensive track record of successfully delivering projects over 85 years is a testament to that commitment, and it’s great to see it is appreciated through significant repeat business from our regional clients, in addition to a healthy amount of new business.”
In addition to residential projects, T&A said it is engaged in developments in several other sectors, including cultural, F&B, workplaces, masterplanning, education and retail. Middle East clients during FY2023 to date include private developers, consultants, and government, reflecting the strengths of local economies and T&A’s proven capabilities in adding value to real estate projects, the statement concluded.