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Canadian engineering firm AtkinsRéalis is redefining its focus, shifting resources away from Saudi Arabia and investing more in the United Arab Emirates (UAE) amid declining project earnings from Riyadh. The company’s recent quarterly report underscores challenges faced in the Middle East, uniquely positioning itself to capitalize on emerging transport opportunities in the UAE.
Decline in Saudi Revenue
AtkinsRéalis reported a significant drop in revenue from Saudi Arabia, which fell to $179 million in the first quarter of 2026, down from $271 million in the same period last year—an approximate decline of 34%. This decline has resulted in Saudi Arabia no longer accounting for over 10% of the company’s overall revenue, a benchmark it surpassed just a year ago alongside markets like the UK, Canada, and the US. The downturn can be attributed to the diminishing scale of mega-projects in the country, affecting quarterly financial performance.
Refocusing on Sustainable Projects
During recent earnings discussions, AtkinsRéalis CEO Ian Edwards highlighted that the setbacks in the Middle Eastern market stem not from geopolitical tensions but from a strategic realignment within Saudi Arabia. He noted the kingdom’s increasing focus on projects with long-term viability, especially in the lead-up to major events such as Expo 2030 and the 2034 FIFA World Cup. Edwards emphasized that the company is actively adapting its strategy to maximize the benefits of these upcoming initiatives.
Opportunities in the UAE Transport Sector
In stark contrast to the challenges in Saudi Arabia, Edwards pointed out that the UAE is presenting promising prospects, particularly in transport infrastructure. The ongoing planning and investment initiatives in Abu Dhabi and Dubai are generating a significant pipeline of projects that align with AtkinsRéalis’s expertise. Abu Dhabi has earmarked $57 billion for infrastructure development across 500 various projects, which is indicative of the region’s robust growth trajectory despite previous oil-focused measures.
Energy Minister Suhail Al Mazrouei shared ambitious plans at the Abu Dhabi Infrastructure Summit, indicating that the emirate is poised to match the infrastructure constructed over the last five decades in just the next four to six years. However, contractors on the ground express concerns, suggesting that the objectives may be overly ambitious given current resources and time constraints.
Future Prospects and Company Performance
Despite the downturn in Saudi projects, AtkinsRéalis reported a marginal decline of 8% in its broader AMEA segment, which encompasses the Middle East, Australia, and Asia. Revenue for this segment stood at $294 million for the quarter. This contraction was largely driven by diminished earnings from significant building and infrastructure projects in the Middle East. Moreover, profit margins in this segment fell to 10%, down from 14% a year earlier, a change attributed to an unfavorable mix of business opportunities in the region.
Encouragingly, AtkinsRéalis’s AMEA backlog increased by 15% year-on-year to reach $1.45 billion, suggesting that the company’s strategic pivot toward the UAE and its ongoing transport initiatives could provide a buffer against the declining Saudi revenue. As the UAE continues to launch new infrastructure projects, AtkinsRéalis stands ready to leverage its expertise, ensuring that it remains a key player in the evolving landscape of the Middle East’s engineering and construction sector.
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