July 17, 2024 foasummit0

Mace, the global programme and project delivery consultants and construction specialist, has published its 2023 Annual Report, showcasing record-breaking revenue and profit before tax. The company’s substantial expansion in global consultancy work and a significant boost in construction revenue have set new benchmarks for the firm.

For the year 2023, Mace reported a revenue of AED 11.24 billion (£2.36 billion), marking a 25% increase from 2022’s AED 9 billion (£1.89 billion). The operating profit soared by 94%, reaching AED 306.3 million (£64.3 million), while the profit before tax rose by 68% to AED 293.9 million (£61.7 million). The company also saw a 42% increase in net assets, which now stand at AED 362.5 million (£76.1 million), and a 14% rise in cash reserves, totaling AED 837.4 million (£175.8 million).

Mace’s investment in research and development also saw a notable uptick, with AED 323.9 million (£68 million) allocated to innovation—a 19.3% increase from 2022. The Group surpassed its 2026 value-to-society target, delivering AED 4.3 billion (£912 million) in 2023, and has made significant strides towards its ambitious goal of saving 10 million tonnes of client carbon by 2026, having already saved or identified for elimination over 1.7 million tonnes.

Key highlights from the 2023 Annual Report include the completion of iconic projects such as the One Za’abeel tower in Dubai and the Brent Cross West rail project in London. Mace’s consultancy business reported a 24% increase in revenue, totaling AED 2.9 billion (£619.4 million), driven by securing new mandates in Asia, the Middle East, the Americas, and Europe. Meanwhile, the construction business saw revenues leap to AED 8.2 billion (£1.73 billion), with 60 new projects valued at AED 11.2 billion (£2.36 billion).

Significant milestones in 2023 included the completion of ‘n2’ and ‘The Forge’ for Landsec in London, with the latter being the UK’s first Net Zero office development. The Group also announced leadership and governance changes, with Mark Reynolds set to become Executive Chairman and Jason Millett to take over as Chief Executive in January 2025. Mace aims to align its governance structure with the UK Corporate Governance Code by 2025, including the formation of a new Board and the appointment of four non-executive directors.

Additional highlights from the report include Mace’s inaugural Taskforce for Climate Financial Disclosures (TCFD) report, maintaining carbon neutrality by offsetting 10,758 tonnes of carbon, and achieving award-winning safety standards with a 0.04 accident frequency rate. The global headcount grew to almost 7,500, and the Group made charitable donations totaling AED 2.3 million (£500,000).

Mark Reynolds, Chairman and Group Chief Executive, commented, “2023 was a landmark year, marking the mid-point of our 2026 Business Strategy, and seeing us take a major step towards our target of achieving annual revenues of more than AED 14.2 billion (£3 billion) by 2026. Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert—a purposeful and sustainable business; and 2023’s results show that we are well on the way to making that a reality.”

Reynolds attributed much of Mace’s growth to securing major consultancy programmes globally, reinforcing the company’s position as a credible global consultant capable of delivering complex projects at scale. He praised Mace’s teams for driving innovation, sustainable delivery, and purpose-led growth worldwide.

The post Record-breaking year for Mace as series of major projects complete appeared first on Middle East Construction News.

Source: ME Construction News


July 17, 2024 foasummit0

New Murabba Development Company – a specialist division of the PIF – has unveiled the design of New Murabba Stadium, a world-class venue set to have a capacity in excess of 45,000. The stadium will be a central pillar of the “New Murabba” district, a downtown destination in Riyadh City.

The stadium’s design is inspired by the layered overlapping branches of the native Acacia tree, with the goal of creating a fusion of tradition and innovation.

The stadium will feature cutting-edge sporting technology, creating an immersive and personalised fan experience. The stadium environment will also be a vibrant community hub, featuring illuminated entry points and shaded spaces for gathering and socialising.

Michael Dyke, CEO of New Murabba Development Company, said: “The New Murabba Stadium embodies our commitment to transforming Riyadh into a global destination for sports and entertainment. The stadium will not only be a world-class venue for sporting events but also a vibrant community hub that enhances the quality of life for residents and visitors alike.

“The New Murabba Stadium is a symbol of Riyadh’s dynamic future. It demonstrates our commitment to delivering world-class infrastructure and experiences that will captivate both local communities and global audiences.”

The stadium design also maximises long-term usability, allowing it to be adapted to host a wide range of events beyond sports, including gaming competitions and exhibitions.

Completion is scheduled for Q4 2032. The venue’s larger aim is to be a symbol of Riyadh’s transformation, attracting tourists, fostering community spirit, and solidifying Saudi Arabia’s position as a leader in sports and entertainment.

The post Riyadh stadium epitomises KSA’s new era appeared first on Middle East Construction News.

Source: ME Construction News


July 17, 2024 foasummit0

Abu Dhabi-based NMDC Energy has secured a $255m EPC (engineering, procurement and construction) contract from Adnoc Gas, for the Sales Gas Pipeline Network Enhancement Programme (part of the Estidama initiative).

NMDC Energy is a subsidiary of the NMDC Group, a key player in the engineering, procurement, construction and marine dredging sectors.

This project is part of Adnoc Gas’ broader Estidama programme, which aims to upgrade and expand its natural gas pipeline network to more than 3,500 km, increasing gas delivery volumes to the northern UAE.

The project encompasses the EPC of a pipeline and associated facilities to transport sales gas.

NMDC Energy CEO Ahmed Al Dhaheri said: “We look forward to continuing our long-standing partnership with Adnoc Gas through this project. It highlights our shared commitment to advancing the UAE’s energy infrastructure, ensuring a reliable and sustainable supply of natural gas across the emirates, and supporting the nation’s goals of achieving gas self-sufficiency.

“In addition, this project will not only strengthen the UAE’s energy framework but also underscores our commitment to sustainable growth and the local economy, with a significant portion of the contract’s value being reinvested within the UAE.”

Last year, NMDC Energy, in a consortium with CAT International, a major trading firm in the Middle East, had secured a contract on the earlier phase of the Estidama project.

Valued at over $600 million, that contract includes the installation of 191 km of new sales gas pipelines, along with additional infrastructure such as nitrogen and water pipelines and a jump-over connection.

The new contract reinforces NMDC Energy’s position as a leading EPC contractor in the energy sector, committed to delivering high-quality projects set to drive and innovate the UAE’s energy industry.

The post Adnoc awards major pipeline EPC contract appeared first on Middle East Construction News.

Source: ME Construction News


July 15, 2024 foasummit0

Azizi Developments, a prominent private real estate developer in the UAE, has announced a strategic partnership with Unigulf Development LLC for the supply of high-quality soft thermal insulation materials.

This collaboration will enhance two significant projects: the Azizi Venice in Dubai South and the fourth phase of the Riviera mega-project in Mohammed Bin Rashid City (MBR City), confirmed Azizi.

Unigulf Development, established in 1998, has a strong reputation for its sustainable solutions in renewable energy, green IT, and sustainable agriculture. The company has evolved from biomass technologies to innovative energy solutions, including a patented system that converts mechanical movement into electricity. Unigulf also addresses water scarcity and promotes sustainable farming, reflecting its commitment to a greener future through community engagement and robust corporate governance.

Farhad Azizi, CEO of Azizi Developments, expressed enthusiasm about the partnership: “We are thrilled to partner with Unigulf Development LLC, whose innovative sustainable solutions align seamlessly with our vision for our mixed-use development, Azizi Venice, and our mega-project, Riviera. This collaboration will elevate our projects to new heights of energy efficiency and environmental responsibility. Together, we will create iconic, eco-friendly spaces that exemplify our shared commitment to quality, excellence, and sustainable living.”

Azizi Venice is set to feature over 30,000 residential units spread across approximately 100 apartment complexes, along with more than 400 luxury villas and mansions. Azizi Developments will oversee the construction of all buildings, roads, and infrastructure as the master developer. A standout feature of Azizi Venice will be its pedestrian-friendly boulevard, which will be an open-air space in the winter and glass-covered in the summer to provide a comfortable environment for year-round activities. The boulevard will host three-storey buildings with top global retailers, nightlife, entertainment, and diverse dining options, making it a new and unique point of interest in Dubai.

Additionally, Azizi Venice will include the Azizi Opera, a state-of-the-art venue for cultural and community events, poised to become one of Dubai’s most notable destinations.

The Riviera project, part of Azizi Developments’ award-winning portfolio, is a stylish waterfront lifestyle destination comprising 75 mid- and high-rise buildings with around 16,000 residences. Designed to introduce the French-Mediterranean lifestyle to Dubai, Riviera offers a blend of residential and commercial spaces, including an extensive retail boulevard, a lagoon walk along a 2.7 km-long swimmable crystal lagoon, and Les Jardins, a vast green social space. Its strategic location near the upcoming Meydan One Mall, Meydan Racecourse, and other major Dubai attractions makes Riviera one of Azizi Developments’ most sought-after projects.

The post Unigulf to supply thermal insultation to Azizi developments appeared first on Middle East Construction News.

Source: ME Construction News