Dubai listed Drake & Scull International has been awarded a Dh233 million contract to complete the mechanical electrical and plumbing work on Abu Dhabi's new 39 storey Arabian themed arched Fairmont Hotel skyscraper.
In a statement to the Dubai Financial Market this morning, Drake & Scull said that it had been awarded the contract by fellow Dubai listed developer Arabtec which won the Dh1 billion construction contract for the 563 room five star hotel and 249 serviced apartments back in February.
The 178,000 square meter Fairmont Abu Dhabi scheme is owned by Abu Dhabi breakwater developer and Marina Mall owner the National Investment Corporation. The scheme has been likened to Dubai's Atlantis hotel on the Palm due to its striking arched structure.
Drake & Scull said it would start work on the site next to Marina Mall close to the Abu Dhabi Corniche immediately and is scheduled to complete all mechanical, electrical and plumbing works on the project by June 2015.
"We thank Arabtec for their continued trust in DSI," said Khaldoun Tabari, chief executive of DSI. "We are proud to be working with them on this important project, which reflect our long-standing partnership with one of the region's construction leaders."
The announcement comes amid an increase in the level of cooperation between Drake & Scull and Arabtec - and also with fellow Dubai based interiors contractor Depa.
Last year Arabtec took a stake in Depa and rumours have increasingly been circulating that Arabtec could take a stake in Drake & Scull.
Earlier this year Mr Tabari took a seat on the Depa board on behalf of Arabtec. When asked this summer whether DSI had been approached by Arabtec with a view to a takeover, Mr Tabari said he could not comment.
"I really can't answer that," he told investors at the time. "Will there never be this possibility? All companies have possibilities. Are there discussions today? No."