AESG, a specialist consultancy, engineering and advisory firm with offices in London, Singapore, Dubai and Riyadh, has announced the launch of its new cost management consultancy services unit to help mitigate budget overruns and risks in construction projects.

The cost management consultancy services portfolio launch comes in the face of rising inflation rates, supply chain disruptions and the growing net zero agenda.

AESG said this line of services optimises cost efficiency and minimises risk for construction projects ranging from new developments and asset refurbishments to financial feasibility studies.

Decarbonisation efforts under the lens of cost management expertise ensures an increased value proposition, setting out a path for financially optimised success in the net zero economy, it stated.

Research shows that a staggering number of construction projects experience budget overruns. "We’re witnessing an unprecedented shift in the regional construction industry with the announcement of several iconic developments and giga-projects," said its CEO Saeed Al Abbar.

"Ensuring these ambitious undertakings can be executed within budget will ensure their timely progress and completion and pave the way for further success. Moreover, cost management can play a key role in enabling organisations to achieve their net-zero ambitions, which in turn grants them easier access to working capital," explained Al Abbar.

The new cost management offering further extends AESG's multidisciplinary expertise in sustainable design, fire engineering, façade engineering, acoustics, environmental consultancy, building commissioning and digital asset management and strategy and advisory.

"With vast experience, gained from working on hundreds of iconic developments, our multi-disciplinary team has unparalleled insight into the multitude of factors that directly and indirectly impact overall project costs and timelines. This enables them to expertly guide clients in realising the maximum value for their money from the outset," he noted.

To effectively deliver these offerings, the company has established a highly qualified cost management team, led by Gary Tracey, and industry veteran of 18 years, as Global Partner and Head of Cost Management.

With a degree in Construction Economics and Management, Estidama Pearl Qualified Professional (PQP) and MRICS qualifications, Tracey adds value to the development equation through his unique blend of construction knowledge and local market understanding, said AESG in its statement.

"While cost overruns can be common in the construction industry, the reality is that many of the underlying factors scale exponentially, so effectively identifying and mitigating these, yields significant positive impact," explained Tracey.

"In my 15 years in the region, I have gained a deep understanding of these challenges across a wide range of project types. I am enthused by the prospect of leading this highly qualified team in delivering this service to the Middle East market at this critical juncture when developers are undertaking highly sustainable, mega and giga-projects that will secure a top position for the region on the global stage," he added.

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