Our financial year runs as per the calendar year, and last December, we closed the year having achieved our targets. In the current situation, however, and taking all factors into account, our forecast will be undoubtedly lower than earlier anticipated. We are looking at the year’s revenue at AED 975 million.
We are currently directing our focus on expanding within the United Arab Emirates. Having said that, we are continually researching and strategizing into the right opportunities to enter new and emerging markets across the Middle East.
We have been investing in young talent from universities and have recently initiated several university internship programs. Furthermore, we have established a special business unit that looks into new construction methodologies and investigates the viability of adopting new material sciences. Our consistent practices have always been to collaborate with prestigious clients by leveraging our design and build capabilities.
In UAE, after successfully delivering the Dubai Airport Freezone’s high-end commercial complex and the 13-building complex for Jebel Ali Freezone, RAQ commenced execution on the 9 Expo projects, RTA bus stations, a consolidated engineering complex for Galadari Engineering Works and a ‘Built to Suit’ with Jaguar Land Rover among a few.
With the current dynamics of the market and the oil prices free falling, we see the sectors like tourism, retail and housing taking a step back. Having said that, there are several other industrial, social infrastructure and healthcare projects that are being planned and launched due to existing events that are driving demand for such developments.
RAQ has established its operations in Dubai in 2013 with Rami Al Qaisi holding the CEO position since the company’s inception.
Our success in being a diversified general contractor has been winning the trust of our existing clients repeatedly. We have been fortunate to work with repeat names in the region such as DP World, Dubai Silicon Oasis, RTA, Wasl Properties, and many more. We aim for efficiency as well as quality and strive to be ahead of schedule on our projects. We were able to achieve, for instance, a 5-day cycle per slab on one of our high-rise projects in Dubai. Our goal from the beginning has been to set out and establish our position as one of the contractors on the upper echelon of the region. With our consistent dedication, in quality and delivery, and financials, we have completed projects to the complete satisfaction of our clients.
During the Expo in particular, our team did encounter language barriers and certain cultural differences that made it a little more challenging to communicate with foreign parties while also managing diversified, fast-track projects. Our teams worked together through these challenges ensuring that all sensitivities were managed during communications with clients and all risks were mitigated accordingly.
We work in a region that encourages forward-looking leaders and promotes successful businesses. United Arab Emirates continues to offer plenty of opportunities in order to maintain economy growth. We’re doing our part in assessing the challenges and are confident that the vision of this nation’s leaders will continue to open new pathways for the contracting segment here. With the current situation, no one is immune to the challenges posed to the economy. However, we continue to approach the situation cautiously and remain optimistic that we can maintain and grow the business.
In a situation like this, we tend to:
•Focus inward on organizational development with the infusion of young engineers in our talent pool •Ensure that our existing projects don’t get impacted and implement the necessary steps •Focus on business development and strategy that results in a win-win approach
• Remain cognizant of the external circumstances that lay ahead
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Sunday — Closed
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Tuesday — 8am – 5pm
Wednesday — 8am – 5pm
Thursday — 8am – 2pm
Friday — 8am – 12pm, 2:30pm – 6pm