Farnek achieved record sales revenue of over $18.63mn in 2024
Financial Farnek achieved record sales revenue of over $18.63mn in 2024
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Farnek was awarded more than 460 contracts, with over 1,500 additional members of staff, mobilised to sites across the UAE and Saudi Arabia, bringing their total headcount to over 9,000
Facilities management (FM) company Farnek has achieved record sales revenue in 2024, securing a host of new and retained contracts, valued at more than US $18.63mn. In total during 2024, Farnek was awarded more than 460 contracts, with over 1,500 additional members of staff, mobilised to sites across the UAE and Saudi Arabia, bringing their total headcount to over 9,000.
According to Markus Oberlin, Group CEO at Farnek, '2024 was an outstanding year for new business development and contract retention. We managed to increase our market share in the UAE and in Saudi Arabia, through sectors such as energy, healthcare, aviation, hospitality, retail, commercial and residential property. Given the rapid growth in real estate development, demand for innovative AI-driven smart and green solutions will continue to drive the FM market throughout the GCC, as companies strive for automation, sustainability and cost efficiency.'
Farnek has steadily increased its share of the Abu Dhabi FM market with new business wins totalling $64.8mn, which includes Khalifa Sport City, Etihad Airways Engineering and the Barakah Nuclear Power Plant. The firm also made considerable gains in the hospitality sector by winning multiple hospitality contracts valued at $19.4mn mobilising 450 staff.
Security was another sector where Farnek gained multiple contracts valued at over $6.75mn, from major companies such as GMG, Aramex, MAG EYE, AZADEA, NAS 2 and MIZA Investments.
Farnek's home maintenance company Hitches & Glitches, secured a significant contract with Emaar Hospitality to manage back of door services, for 14 Emaar Residence Towers featuring more than 7,000 apartments, as well as the contract for King's College Hospital and its clinics.
Farnek's smart FM solutions company HITEK, has implemented its digital solutions at Sports Boulevard in Riyadh, with an additional contract for the mining company Maaden and has successfully developed and activated a community app for the MAG City development in Dubai plus a waste management agreement with du.
'HITEK also launched its Housekeeping Plus solution last year, a smart mobile application for the hospitality sector and its MEDTEK solution has been set up successfully and is already supporting more than 10,000 patients,' added Oberlin.
Another achievement in 2024 was Farnek's support for the Burj Khalifa's successful LEED O+M Platinum Certification. Farnek has been providing MEP hard services for the world's tallest building since 2010. Farnek services a wide range of industry sectors and its scope of work includes a considerable number of contracts for total facilities management (TFM), as well as dedicated hard and soft services such as MEP, cleaning, maintenance, security and housekeeping, amongst others.
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