Middle East is now Zaha Hadid's biggest market

By Dave Rogers2015-02-16T10:17:00+00:00

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Region eclipses Asia as number one while practice鈥檚 turnover and profits head north

The Middle East is now the biggest single market for Zaha Hadid with the region accounting for 40% of the firm鈥檚 business.

The news has been disclosed in the latest report and accounts of Zaha Hadid Holdings which have been filed at Companies House.

In the year to April 2014, the Middle East made up 拢19.1m of the practice鈥檚拢47.5m turnover with the next best region, Asia, accounting for 拢12.5m of revenue 鈥� a decline on last year鈥檚拢13.3m.

Among the schemes it is working on in the Middle East is a new headquarters building in Sharjah, UAE, for waste management firm Bee鈥檃h. The 7,000sq m building is designed to resemble sand dunes in the surrounding desert.

Its workload in the Americas was also on the rise with revenues in the US more than tripling to 拢4.4m while business in Central America shot up from 拢234,500 in 2013 to 拢2.4m last time.

But business in Europe halved to 拢4.2 million while its work in the UK also fell 鈥� slipping under the 拢1m barrier to 拢983,000 from 拢1.5m the year before.

Overall revenue was up 28% while pre-tax profit was up a third to 拢5.7m.

Bee鈥檃h Headquarters, Sharjah by Zaha Hadid Architects

This headquarters building in Sharjah is among the schemes Zaha Hadid is working on in the Middle East

In a statement accompanying the accounts, Hadid said: 鈥淲orking in established markets, ZHG has developed new opportunities and continues to build its presence across Asia, the Middle East, Australia and the Americas; while the popularity and recognition of its completed projects demonstrate ZHG鈥檚 steadfast commitment to the highest standards of design and innovation.鈥�

The number of staff at the business went up to 418 people from 354, meaning its wage bill swelled to 拢15 million from 拢12.9m.

The accounts also reveal that the company paid just over 拢900,000 of Hadid鈥檚 personal expenditure 鈥� a hike of 108% on the 拢435,000 racked up in 2013 鈥� and also paid her personal tax bill of 拢333,000.

It made a donation of 拢255,000 to the Zaha Hadid Foundation whose aims are described in the accounts as 鈥渢he advancement of education and the promotion of useful knowledge relating to architecture鈥�.

Accounts for its main subsidiary, Zaha Hadid Ltd, show that it paid an interim dividend of 拢2.4m.