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Home / NEWS / Almabani plans to double revenues in five years

Almabani plans to double revenues in five years

by Michael Fahy on May 1, 2014


Almabani General Contractors CEO Joseph Daher.
Almabani General Contractors CEO Joseph Daher.

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Almabani General Contractors is planning to double in size over the next five years as it gears up to serve Saudi Arabia's building boom.

In an interview with Construction Week, the company's CEO, Joseph Daher, said that the firm expects to turn over around $1bn in its current financial year. "Our target is to grow 20-25% every year and be able to reach above $2bn by 2018," he added.

The company is part of the BACS consortium with Bechtel, Consolidated Contractors Corp and Siemens which won the $10.1bn contract for lines one and two of the Riyadh Metro, where a groundbreaking ceremony took place last month.

As a result, Daher said that Almabani expects its workforce to grow from 8,000 before the project was awarded to 18,000 this time next year.

“Quite honestly, I know that the leap is very big but we were preparing ourselves for a mega-project,” said Daher, who was appointed CEO in January, but who has spent 35 years in the business.

“If we are lucky and win another mega-project such as the metro of Madinah or the Eastern Province - there are plenty nowadays - that would take us much farther than the figures that I have mentioned," he added.

The interview with Joseph Daher appears in issue 515 of Construction Week.

 

 



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