Global professional services company Turner & Townsend has reported exceptional financial results across its global regions, including the Middle East, as the business continues to see the success of its long-term growth strategy.
In the Middle East, net revenue stood at $126.9 million, up 45.5 percent on the year. The company's workforce in the region grew to 796 – an increase of 19.5 percent, it said.
This strong growth has been buoyed by investment across both real estate and infrastructure, as the region continues its process of economic diversification and focuses on growing its leisure and tourism sectors. Natural resources, and particularly sustainable energy generation also remains a key area of opportunity and growth for the company, it said.
Alan Talabani, Managing Director, Middle East, at Turner & Townsend, said: “This has been an excellent year of growth for our Middle East business with revenue up by more than a quarter. The region is seeing heavy investment across real estate and infrastructure as governments aim to diversify economies and solidify the region’s position as a global economic hub. Major urbanisation programmes and ‘giga-projects’, such as NEOM in the Kingdom of Saudi Arabia, are providing significant opportunities for the construction sector.
“At the same time, the need for the region to tackle sustainability is coming to the fore ahead of COP28 this autumn in the United Arab Emirates. As a region that is being acutely impacted by climate change, with challenges around water scarcity and energy generation, climate resilience as well as emissions reductions are increasing priorities for the sector.”
The picture for the Middle East mirrors global growth for the business, with turnover rising by 38.6 percent to $1.5 billion and net revenue by 36.9 percent to $1.3 billion. Global EBITDA before exceptionals, showed core profitability, growing ro $190 million.
The firm’s international real estate revenue has seen a steep climb – 36.6 percent – as global corporates continue to invest in adapting commercial property portfolios to meet environmental targets and accommodate hybrid working.
Real estate requirements for advanced manufacturing industries, including gigafactories, are also buoyant as governments across the world seek to bolster home economies and reshore supply chains, the company said.
Global Infrastructure revenue rose by 34.3 percent over the year. Regions around the world are continuing to see heavy investment in transport and utility networks as they expand to meet growing populations and net zero demands.
Turner & Townsend remains well positioned in these markets and is supporting flagship mobility schemes including Hong Kong’s new Mass Transit Railway (MTR), California High Speed Rail, the new Edinburgh tram extension, and the modernisation and digitalisation of Heathrow Airport in the UK.
Work in the international natural resources market increased by 52.8 percent and accounted for the highest year-on-year rise within the business’ three core segments, reflecting significant appointments in renewable energy and decarbonization projects, it said.
The overall headcount for the company's global business rose by 26.5 percent in the year to 10,731. - TradeArabia News Service