Faithful+Gould eyes growth within UAE’s infrastructure market
Faithful+Gould is looking to expand its UAE footprint beyond the vertical property segment into the horizontal infrastructure market
Faithful+Gould is to grow its operations within the UAE’s infrastructure segment.
The project, programme, and cost management consultancy intends to expand its horizontal footprint following success within the vertical property segment, according to UAE country director, Paul Doherty.
In conversation with Construction Week, Doherty said that his team would need to explore uncharted sectors in order to secure long-term growth. This diversification should also serve to boost Faithful+Gould’s resilience and sustainability, he added.
“My immediate priority is to make this already successful business that little bit more resilient and sustainable,” said Doherty, who became Faithful+Gould’s UAE country director in late March 2017.
“To some extent, this will involve polishing what we already have, but it’s not just about doing more of the same. Our vertical market share in the UAE is [significant], and my statisticians tell me that we’re probably not going to grow this figure much higher. It’s about as good as it gets.
“So, if Faithful+Gould is to achieve further growth and profitability in the UAE, I think we’ll need to diversify our service offering within the horizontal infrastructure market. At present, our share of the UAE’s infrastructure market is very low, [and this represents] an opportunity for us.”
Doherty said that Faithful+Gould already possesses in-house skills and experience that can be applied within the infrastructure segment, but concedes that additional investment may be necessary.
“We have [horizontal capabilities] in our business today but, if we’re going to further specialise in the segment, we’ll also need to attract new talent,” he explained.
“That could involve the recruitment of qualified individuals, or merger-and-acquisition (M&A) activity; I don’t know [at this stage]. It’s still early days, so we’ll remain open-minded in terms of how we achieve diversification,” Doherty added.
Faithful+Gould is currently providing project, programme, and cost management consultancy services for a range of high-profile UAE developments. Its ongoing project portfolio includes Yas Bay, The Royal Atlantis Resort & Residences, Bvlgari Resort & Residences Dubai, Fairmont Abu Dhabi, and the Saadiyat Rotana Hotel & Resort Complex.
To read Doherty’s full-length interview, check out issue 660 of Construction Week, which will be published on Saturday, 17 June, 2017.