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CONSTRUCTION NEWS

Tenable FEC posts solid Q1 growth, nets record Saudi deals

May 31, 2022 3:56 PM

Oman-based specialist fire and life safety consultancy Tenable Fire Engineering Consultancy (FEC) has announced a record first quarter securing over 1.73 million in projects including a 120% increase in...

Oman-based specialist fire and life safety consultancy Tenable Fire Engineering Consultancy (FEC) has announced a record first quarter, securing over $1.73 million in projects, including a 120% increase in the number of contracts won in Saudi Arabia compared to the same period in 2021. 
 
The increase in KSA-based projects has propelled plans for the company to open its first office in the kingdom this summer, said the company. 
 
According to the US-Saudi Business Council, the kingdom's contracts industry registered a 78% increase in annual activity in 2021, and with additional Public Investment Fund spending on the country's mega and giga-projects, Saudi Arabia's construction market could return to pre-pandemic levels in 2022. 
 
Tenable FEC said the surge in construction activity has been a key driver in its growth across Saudi Arabia and its plans to set up a base in the kingdom.
 
The specialist fire safety consultancy secured contracts from a diverse range of sectors, including commercial, cultural and heritage, hospitality and retail. 
 
The company believes the addition of a Saudi-based team will see continued growth in projects won and aid the kingdom in its construction developments. 
 
Year-on-year growth has not been limited to Saudi Arabia, as 2022 has seen Tenable FEC increase GCC-wide revenues by 15% compared to the same period in 2021. 
 
Headquartered in Muscat, Tenable FEC said Oman remains its largest market in terms of revenue, generating close to $1 million in the first four months of the year. 
 
However, the organisation has also recorded significant growth of 46% in the UAE, as well as winning more contracts for international projects, including several across Africa. 
 
On the company's performance, Founder and CEO Sultan Al Maskri said: "We are thrilled at the company's growth so far this year, not just overall but across the majority of our serviced sectors. Our leading and accredited engineers ensure we are the region's largest single-discipline fire and life safety services consultancy."
 
"By providing expert code consulting, fire system design, site inspections, and third-party verification, we are able to excel in projects across the region and worldwide due to our flexible approach to architectural design aspirations in the initial planning stages. By the end of 2022, we aim to increase the number of projects in key sectors and continue our growth and positioning as an industry-leading specialist," he added.
 
Tenable FEC Director (HQ) Mazin Al Yaarubi, believes a major contributing factor to the organisation's performance in the first four months of the year is an increasingly active construction market. 
 
"It is promising that, despite the difficulties faced globally due to the pandemic, we are experiencing more business opportunities and projects across the region come to fruition. Now the world is returning to a steady-state of business and growth, our priority is to ensure the fire and life safety of these new developments and projects are in line with the numerous codes and requirements — something we pride ourselves on being industry experts in," he added. 
 
Dubai Director Sam Alcock said hospitality currently commands the highest revenue within Tenable FEC's existing portfolio, as the number of new hotel openings increases and the need to service existing locations for their ongoing fire and life safety requirements continues. 
 
The energy sector, including oil and gas, LPG, power and petroleum, and the industrial sector in general remain key sectors for the organisation as its portfolio of clients grows. 
 
Retail has been identified as a target growth area for Tenable FEC as new malls across the region open, including the Mall of Oman, which has been a milestone project for the fire and life safety consultancy, added Alcock. 
 
With offices in Muscat, Dubai and London, Tenable FEC executes regional and international projects of any size in the Middle East, Europe, Africa and Asia. 
 
The team approach projects with leading talent and innovative technologies while adhering to international best practices, design codes and standards, it added.

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