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Dear clients, colleagues and friends,
 
We would like to start our year in review by wishing you a happy, healthy and prosperous new year.
The past year has been transformational for ACES, as we achieved key milestones in our "From Regional to Global" strategy.
We established our first official Group Board of Directors, consisting of the ACES founders, Co-CEOs, and three highly esteemed Independent Directors in October. The newly formed Board will play a key role in supporting the achievement of our growth strategy while providing oversight and valuable guidance across the ACES Group operations.
A key part of our strategy is growing the firm from a regional to a global player. We achieved this key milestone by expanding our services outside the MENA region and into the USA by acquiring the highly talented and culturally like-minded MC Squared. MC Squared is a 100-person geotechnical engineering and construction material firm with offices in Georgia and Florida.
In the Middle East, we expanded our service offering by acquiring Inspection Technology Company (ITC), a 30-person Non-Destructive Testing (NDT) and Inspection firm based out of Khobar, KSA. The acquisition, along with our organic expansion into food testing and inspection, environmental testing, and fire inspection, gives us additional opportunities to serve as an integrated service provider to our clients. We also expanded our geographic footprint with new offices in KSA (Al Ahsa, Abha, Tabuk and Ghayal), Iraq, and Kuwait, increasing our MENA presence to 23 offices across seven countries. Further, we moved to our new purpose-built office and laboratories in Khobar, and we have started the process of constructing our new facility in Jeddah which is expected to be completed by the end of 2023.
We are privileged to have been awarded and to have successfully completed several landmark projects in 2022. In KSA, we have conducted extensive geotechnical studies for Al Qiddiyah Development Company, Oxagon, King Salman Park, Diriyah Gate, The Line, and Amalaa. We have also continued to play our part in the Red Sea Development, Green Riyadh, and Aramco projects.
In the UAE, we provided our services on significant portions of Etihad Rail, Modon Development, and several large Oil & Gas projects. In Qatar, we saw the culmination of our almost decade-long efforts to prepare the country's infrastructure and stadiums for hosting the 2022 World Cup, which was considered among one of the best organized World Cups to date.
These projects highlight the thousands of projects completed in the past year, which have made 2022 one of our best years to date.
Internally, we have continued to improve our support services, investing in digitizing our operations, staff capacity building and talent development. Additionally, we renewed our commitment to the UN Global Compact to adopt sustainable and socially responsible business practices and enrolled in the UN's Women Empowerment Program.
Next year will be ACES' 40th anniversary. As we approach this significant milestone, we look forward to continuing our growth and development trajectory, maintaining our leading market share across the MENA region, fortifying our US presence, and developing our internal systems, governance, and staff development.
We look forward to continuing to be your trusted advisor and partner of choice across our various offices and services.
Wishing you all a happy and prosperous 2023.
 
ACES Co-CEOs
Naeem Abdulhadi & Izzat Katkhuda