Latest news with #KingSalmanInternationalAirport
Yahoo
a day ago
- Business
- Yahoo
Mace Group reports revenue of $3.2bn in 2024
Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024. The company's operating profit for the year stood at £50.7m. Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time. Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026. In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn. Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult's appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region. The Construct division, which primarily operates in the UK, faced a more challenging year in 2024. Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park. Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge. A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors. This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making. Mace Group's 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule. Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific. Mace Group chief executive Jason Millett said: '2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group. "We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 'We enter 2025 with a strong pipeline and an enhanced leadership team, and are well-positioned as we look towards 2030 and beyond.' "Mace Group reports revenue of $3.2bn in 2024" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
5 days ago
- Business
- Arabian Post
Bechtel Secures Major Role in Riyadh's Airport Expansion
Arabian Post Staff -Dubai Bechtel Corporation has been appointed as the delivery partner for three new terminals at King Salman International Airport in Riyadh, marking a significant advancement in one of the world's most ambitious aviation infrastructure projects. The agreement, formalised during a high-profile visit by U.S. President Donald Trump to Saudi Arabia, entrusts the U.S.-based engineering firm with managing the development of a terminal for commercial airlines, Terminal 6 for low-cost carriers, and a private aviation terminal complete with hangars. This collaboration underscores the strengthening infrastructure ties between the United States and Saudi Arabia. ADVERTISEMENT KSIA is poised to become the world's largest airport upon completion, a cornerstone of Saudi Arabia's Vision 2030 initiative aimed at diversifying the nation's economy and enhancing global connectivity. The airport is designed to handle an anticipated capacity of 185 million passengers and 3.5 million tonnes of cargo annually by 2050. It will feature six parallel runways and encompass an area of 57 square kilometres, integrating advanced sustainable practices to achieve LEED Platinum certification across all terminals. Darren Mort, President of Bechtel's Infrastructure Business, expressed enthusiasm about the project, stating, 'The King Salman International Airport is a landmark project that will reshape Riyadh and enhance the lives and communities it serves.' He highlighted Bechtel's extensive experience in delivering complex airport projects globally, including Hamad International Airport in Qatar, Dubai International Airport in the UAE, and London City Airport in the UK. Marco Mejia, Acting CEO of the King Salman International Airport Development Company, emphasized the project's commitment to innovation and sustainability. He noted that the selection of Bechtel as the delivery partner reflects the project's dedication to elevating aviation infrastructure standards through collaboration with a company possessing over 120 years of global experience. The new terminals are expected to replace existing facilities at King Khalid International Airport, enhancing Riyadh's status as a global hub for transportation, tourism, and trade. The development aligns with Saudi Arabia's broader goals of economic diversification and infrastructure modernization. Bechtel's role in the KSIA project builds upon its longstanding presence in Saudi Arabia, where it has completed over 300 projects, including the recently inaugurated Riyadh Metro. The company's involvement in KSIA signifies a continued commitment to supporting the kingdom's transformative infrastructure initiatives.
Zawya
14-05-2025
- Business
- Zawya
Parsons selected as Delivery Partner for King Salman International Airport
RIYADH, Kingdom of Saudi Arabia – Parsons Corporation (NYSE: PSN) announced today, on the sidelines of the Saudi-US Investment Forum in Riyadh, that the company has been awarded two Delivery Partner (DP) contracts by the King Salman International Airport Development Company (KSIADC) which is owned by the Public Investment Fund. These significant contracts represent new work for the company and span the initial four years of the airport's multi-year development. The first contract is for airfield assets and includes the runways, taxiways, aircraft parking areas, and air traffic control towers. The second contract is for landside infrastructure packages including roads, utilities, tunnels, bridges, rail network, and landscaping. As DP, Parsons will provide project management services for all phases of both contracts including early development, design, permits and approvals, procurement, construction, commissioning, handover, and overall coordination. 'Parsons is proud to expand our legacy in the Kingdom of Saudi Arabia, which started in 1958 with the Dhahran Airport. It is an honor to work with KSIA's visionary team on what will become one of the world's largest airports,' said Carey Smith, Chair, President, and Chief Executive Officer at Parsons. 'Parsons is committed to supporting KSIADC's vision to redefine airports for the 21st Century and beyond through delivering an enhanced traveler experience and creating the world's premier logistics hub.' Acting CEO of King Salman International Airport Development Company, Marco Mejia, commented: 'Selecting Parsons as a Delivery Partner is a strategic step toward realizing our vision of developing a world-class airport built on innovation, sustainability, and operational excellence. Delivering a project of this scale requires collaboration with global experts in infrastructure and project management, and Parsons brings the experience and capabilities needed to help us achieve our goals.' KSIADC is driving the development of the new airport in the Kingdom's capital Riyadh. Covering an area of 57 km2 (approximately 22 sq mi2) the new airport will have 6 parallel runways upon completion and is anticipated to accommodate up to 120 million passengers by 2030 and 185 million passengers, as well as 3.5 million tons of cargo, by 2050. Parsons work with the PIF started in 2017 and includes innovative projects across the Kingdom such as THE LINE, Oxagon, and multiple ROSHN developments. Parsons, a leading global aviation solutions provider, has planned, designed, constructed, managed, enhanced, and sustained terminal, landside, and airside infrastructure for over 450 airports in 40 countries. This includes work on major airports in the Middle East such as Zayed International Airport and Sharjah International Airport in the United Arab Emirates, Hamad International Airport in Qatar, and Kuwait International Airport. From modernizing infrastructure to enhancing operational efficiency, the company leverages cutting-edge technology to address the evolving needs of the aviation industry. With a regional presence spanning more than 65 years, Parsons brings deep domain expertise across project and program management, urban development, transportation (including rail, metro, aviation, roads, and ports), smart mobility, asset management, and master planning. About Parsons Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit and follow us on LinkedIn and Facebook to learn how we're making an impact.
Zawya
14-05-2025
- Business
- Zawya
Bechtel to lead expansion of Saudi Arabia's King Salman International Airport
RIYADH, Saudi Arabia /PRNewswire/ -- Bechtel today signed an agreement with the King Salman International Airport Development Company to serve as the delivery partner for three new terminals at King Salman International Airport (KSIA) in Riyadh. Signed during President Trump's visit to Saudi Arabia, the agreement highlights growing U.S.-Saudi infrastructure ties and builds on Bechtel's experience delivering more than 300 projects in Saudi Arabia, including the recently opened Riyadh Metro. The airport, expected to be the world's largest when it opens in the coming decade, is a pillar of Saudi Arabia's Vision 2030 that will serve as an economic engine for Riyadh and the surrounding region. "The King Salman International Airport is a landmark project that will reshape Riyadh and enhance the lives and communities it serves," said Darren Mort, President of Bechtel's Infrastructure Business. "Bechtel's award-winning aviation team has delivered some of the world's largest and most complex airports, incorporating innovative and sustainable solutions. We look forward to partnering with the King Salman International Airport Development Company to bring their vision of a world-class passenger experience to life." When completed, the KSIA will operate six parallel runways and handle an anticipated capacity of 185 million passengers and 3.5 million tons of cargo annually by 2050. The new terminals will support economic growth in Riyadh and the surrounding region, while enhancing global connectivity and delivering a world-class passenger experience. Bechtel will work with the King Salman International Airport Development Company to manage delivery of a terminal for commercial carriers, Terminal 6 for low-cost carriers, and a new private aviation terminal with hangars. The project team will prioritize achieving LEED Platinum certification by integrating innovative sustainable practices into the design and construction of all three terminals. The terminals will absorb or replace all existing facilities of the King Khalid International Airport. Bechtel is an industry-leading engineering, project management and construction management services firm that has delivered airport projects around the world, including Hamad International Airport in Qatar, Dubai International Airport in the United Arab Emirates, London City Airport in the U.K., and Western Sydney International (Nancy-Bird Walton) Airport in Australia. About Bechtel Bechtel is a trusted engineering, construction, and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers' objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs; grown economies; improved the resiliency of the world's infrastructure; increased access to energy, resources, and vital services; and made the world a safer, cleaner place. Bechtel serves the Energy; Infrastructure; Manufacturing & Technology; Mining & Metals; and Nuclear, Security & Environmental markets.
Zawya
14-05-2025
- Business
- Zawya
US-based Bechtel bags deal to expand Riyadh's new airport terminals
The US-based Bechtel Company will provide delivery services for three new terminals at King Salman International Airport (KSIA) in Riyadh. The agreement was signed during US President Donald Trump's visit to Saudi Arabia. The company will work with the King Salman International Airport Development Company to manage the delivery of a terminal for commercial carriers, Terminal 6 for low-cost carriers, and a new private aviation terminal with hangars. When completed, the KSIA will operate six parallel runways and handle 185 million passengers and 3.5 million tonnes of cargo annually by 2050. The project team will prioritise achieving LEED Platinum certification by integrating sustainable practices into the design and construction of all three terminals. The terminals will absorb or replace all existing facilities of the King Khalid International Airport. Bechtel has delivered more than 300 projects in Saudi Arabia, including the newly opened Riyadh Metro. UK-based architecture Foster & Partner is designing the master plan for the airport while another UK-based company will oversee the planning and construction. US-based Jacobs Engineering will provide consulting services for the detailed master plan of the airport and the design of the new runways. Saudi Crown Prince Mohammed bin Salman bin Abdulaziz announced the master plan for KSIA in November 2022. (Writing by P Deol; Editing by Anoop Menon) (
