Assuming that you are based in the United States, NEC 700.10 requires 2-hour fire protection for emergency feeders serving high-rises or assembly occupancies exceeding 1,000 people. The following strategies are permitted:
1. Installation of feeders within fully-sprinkled spaces
2. Use of UL2196-compliant, 2-hour feeder conductors
3. Use of 2-hour fire barrier material (Fire-rated conduit wrap)
4. Routing feeders within a 2-hour assembly and separated from all other conductors
5. Encasement of feeders within 2 inches of concrete
A couple of things to keep in mind:
1. NFPA 13 defines "fully sprinkled" as including fire sprinkler coverage above suspended ceiling systems. Your project probably does not meet the definition of a fully-sprinkled building. I say this because it's been my experience that most do not.
2. If you route emergency feeders within a 2-hour assembly/chase, it must be free of feeders derived from any other system.
3. Fire-rated conduit wrap is costly and susceptible to damage, so I would discourage you from using it.
4. There is a misconception that mineral-insulated (MI) cable is your only choice when it comes to UL2196-compliant conductors. At one time this was true, but it is no longer the case. Several manufacturers now offer UL2196-compliant, 2-hour, fire-resistive conductors that are somewhat similar to THHN. When routed within metallic conduit, the conduit typically cannot contain zinc. (Verify with the manufacturer.)
The NEC section referenced above does state that 2-hour fire protection is required for feeders routed *inside* of the building, so I suppose that you could circumvent these requirements by remaining outside of the building. I would encourage you to confirm this with the engineer, the AHJ, or both.