UK construction giant sees no Mideast growth in 2009
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 26 March 2009
Laing O’Rourke, the UK’s biggest privately owned construction company, expects its growth to be flat in the Middle East in 2009 as new contracts dry up, company chairman Ray O’Rourke has said.
The region had been a strong area of growth in recent years, with the value of orders in the region swelling to $615m in 2008, accounting for a tenth of total company revenues, O’Rourke said.
But O’Rourke said the company could treble its Australian business over the next two years.
“Any adjustment going on in the Middle East is more than compensated by what is going on in Australia,” he told Construction News in the UK.
Despite a slowdown in the construction sector affecting most international markets, Laing O’Rourke’s business would grow by a quarter in 2008-9, posting revenues in excess of $7.2bn, he said.
In January, Arabian Business reported that Aldar Laing O’Rourke, a joint venture between the construction company and Abu Dhabi’s largest property developer, was cutting more than 520 jobs following a reduction in the amount of work available on the $14bn Al-Raha Beach project in the emirate.
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY
LATEST MIDDLE EAST BUSINESS NEWS
- Politics & Economics: Mideast needs to improve insolvency rules - World Bank
- Travel & Hospitality: ADNH sees net profit up by 28% but hotels suffer
- Politics & Economics: Abu Dhabi economy seen growing 4% in 2010
- Culture & Society: Philippines cancels licences after Dubai jobs scandal
- Transportation: Etihad set to receive new cargo aircraft in 2010
SHARE PRICE CHECK
RELATED STORIES
Laing O'Rourke
- Fantasy Island?
30 May '09 | Features - Saudi Arabia rail project on track with fleet of rollers
31 Aug '08 | Features




