Financial

AESG tracks 46% growth on the back of healthy regional economic climate

The firm says it has invested its gains into staff headcount and is now one of the largest privately-held construction consultancies in the region

AESG has attributed its positive growth in 2023 to the region’s healthy economic climate, noting that the market is creating ‘strong growth opportunities for market-leading consultancy firms in the region’. The firm said it tracked a 46% year-on-year revenue increase in 2023 and secured over US $54.4mn contracts in the last 12 months.

According to a statement from the firm, it reinvested its gains into a 34% increase in headcount which further enhances its ability to play a pivotal consultancy role in the region’s many mega and giga projects, which have been a significant contributor to its growth over the last year.

“Middle East markets – in particular Saudi Arabia and the UAE – are bucking global trends and drawing the focus of the global development and construction community to the region. While the opportunity is indeed exciting, the ambitious projects being undertaken require global expertise to be balanced by a deep understanding of regional practices, nuances, and norms,” said Saeed Al Abbar, CEO at AESG.

He added, “Our success through 2023 is the culmination of over a decade of continued investment into the best global talent and deploying highly-qualified teams as close to our clients as possible. Our newest offices in AlUla and Al Madinah in Saudi Arabia, and Masdar City in the UAE are prime examples of this commitment. Alongside our international offices in Singapore, London and the newly opened South Africa office, we are able to draw on the best talent globally to work closely with our clients on the ground to deliver the complex solutions required to achieve their visionary goals.”

AESG’s business momentum also offers key insight into the factors that will drive the success of the region’s giga projects. From One Za’abeel in Dubai which boasts the world’s largest cantilever bridge, to The Line in Neom which represents a revolutionary new approach to urban and living, the projects now underway in the Middle East are breaking new ground, and thereby setting new benchmarks for the global construction industry, the statement outlined.

“As with any world-first, these projects require the best and brightest talent, use of the latest technologies and materials, and excellence in collaboration, and project and cost management. Success is to be found at the nexus of these forces and is making the region the epicentre of engineering innovation,” explained Al Abbar.

AESG says it has earmarked areas for ongoing investment in 2024, in a bid to continue its support for ambitious developments in the region. Through a mix of organic growth, and strategic partnerships and acquisitions, the company is set to expand and enhance three key aspects of its business, the firm noted.

“On the back of the recently concluded COP28, tackling climate change is high on regional agendas and our hundred strong sustainability and environmental consultants are stepping up to help governments and private entities realise their ambitions. At the same time, the complexity of projects has warranted greater demand for our specialist engineering line of business. And as these projects approach delivery, clients are realising immense benefit from the services of our cost management and commissioning teams,” Al Abbar stated.

Having recently crossed the milestone of having over 300 expertly-qualified consultants on its employee roster, AESG is now one of the region’s largest privately-held construction consultancies in the region.

“The depth and scale of our multidisciplinary practice perfectly positions us to be the partner of choice to the most complex and unique projects. We have every intention of capitalising on these opportunities and are projecting 30% growth this year,” concluded Al Abbar.

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