Dubai:
Dubai’s Drake & Scull International PJSC said it has been awarded three contracts worth a combined Dh663 million ($180 million) for engineering and general contracting work on government complexes in Makkah, Sharjah and Abu Dhabi.
“DSI is currently gearing its operations to mobilise on project sites immediately,” the company said in a statement posted on the Dubai Financial Market website on Tuesday. “The estimated completion date for the government facility in Abu Dhabi is Q1 2015 whereas the facilities of Mecca and Sharjah are due for handover in Q1 2013 and Q2 2015 respectively.”
Commenting on the awards, Khaldoun Tabari, CEO of Drake & Scull International, said: “Saudi Arabia and the UAE continue to be our main growth markets in the GCC as we have managed to secure a series of consecutive contracts in these areas year to date.”
“These latest projects will shortly start contributing to the revenue stream and profitability of the company as productivity on site increases. The integration of our General Contracting and Engineering businesses has proven to be a key element to our successful bids across all sectors and we expect this trend to continue onwards.”
DSI closed the year 2012 with a record high backlog of Dh9.1 billion as of December 31. The company has been earlier awarded in Q1 three separate contracts by Al Rajhi Bank with a combined value of Dh287 million to construct the bank’s cash centre, operations centre and a major data centre facility in Riyadh. The company has also secured an Dh82 million contract for the construction of a government utility project in Abu Dhabi in March 2013.
DSI secured Dh1.1 billion worth of work in Saudi Arabia, Qatar and Abu Dhabi in the first quarter of this year and is poised for significant growth in the second quarter as projects award momentum increases in these markets, the company said.
