Fehily Timoney & Co secures contracts worth €2.5m
18 March 2013
Irish engineering consultancy Fehily Timoney & Company has won a series of contracts expected to be worth approximately €2.5 million to the business.
The company is in the process of hiring an additional 11 staff to work on new projects in the domestic market, Saudi Arabia and Jordan. The largest of these projects is the Jeddah Environmental & Social Master Plan in Saudi Arabia, a €10 million high profile project covering a 150x50km area of the city of Jeddah and its environs.
Fehily Timoney has also successfully tendered for six other high profile projects in Saudi Arabia and Jordan, cementing its position in the Middle East market.
Two years ago, managing director Eamon Timoney made the decision to relocate to Al Khobar in eastern Saudi Arabia in order to tap into new markets as part of a survival strategy for the business. During the construction boom in Ireland, the company was involved in a number of high profile infrastructure projects. However, in 2009 it became clear that a new business strategy was urgently required in order to secure the future of the business.
Fehily Timoney successfully partnered with Enterprise Ireland to help them tap into new international markets, and its new focus on the Middle East is expected to account for 30% of the company’s 2013 revenue.
Timoney described the challenges faced by the business a mere four years ago. “As a senior management team, we faced some stark choices back in 2009. We realised that we simply had to refocus the strategic direction of the business and look outside of Ireland to new markets, or else face the very real prospect of our business failing due to the impact of the economic downturn. We partnered with Enterprise Ireland in order to help us focus on the Middle Eastern market, in particular. Their insight and intelligence gathering assisted us in our efforts to successfully open the door to new markets”.
Founded in 1990, Fehily Timoney & Company has offices in Dublin, Cork, Poland and Al Khobar, Saudi Arabia, employing a total of 78 staff.http://www.engineersjournal.ie/2013/03/18/fehily-timoney-secures-contracts-worth-e2-5m/http://www.engineersjournal.ie/wp-content/uploads/2013/03/Middle_East.jpghttp://www.engineersjournal.ie/wp-content/uploads/2013/03/Middle_East-300x282.jpgNewsEnterprise Ireland