The company during this time was owned by Saudi businessman Fahad Al-Tamimi,who reported growth of 4358 percent over a five year period. On average the annual income was reported at SAR500,000 (approximately USD133 million); these figures put WorleyParsons Arabia Ltd at the top of the 2010 list of ‘100 Fastest Growing Companies’, 2592 percent ahead of the second fastest growing company Fall Stop.
Companies listed on the fastest growing list are recognised not only for their astonishing growth within the market, but also for their contribution to the social and charitable causes. The companies who top this prestigious poll are noted for having given priority to the business impact on society; providing jobs, strengthening the economy and encouraging other businesses to operate to international standards. The ‘Fastest Growing Business’ list also highlights a new generation of businesses who are creating employment opportunities and helping to drive development and growth within Saudi Arabia. Under the management of Fahad Al-Tamimi, the founder of TIMCO, WorleyParsons Arabia Ltd managed multiple high profile companies as part of their portfolio, with contracts worth up to $5billion, including the phosphate program for Ma’aden.
In 2003 WorleyParsons Arabia Ltd won a lucrative contract with Saudi Aramco, the world’s largest crude oil manufacturers. This partnership was worth over $30 million annually for WorleyParsons Arabia Ltd, as Saudi Aramco are the world’s largest supplier, manufacturer, and distributer of crude oil; meeting the global demand for natural gas and petroleum products.
WorleyParsons Arabia Ltd were contracted to provide engineering and management services for their offshore oil and gas facilities based in Saudi Arabia.
In 2006 Saudi Arabian mining company Ma’aden contracted WorleyParsons Arabia Ltd to provide engineering provisions and project management services for the development of the Phosphate mine located in Al-Jalamid. This development project provided over 8,000 construction jobs, as well as ongoing employment opportunities upon completion. The Al-Jalamid mine is the world’s largest producer of Diammonium Phosphate (DAP), with an output of over 3 million tons per annum, 10 percent of all global DAP production.
This level of growth was of crucial to the Saudi economy at that time. The rapid growth of WorleyParsons Arabia Ltd meant that employee demand was high, helping to avoid any unemployment crisis in Al Khobar and the neighbouring cities.