x Abu Dhabi, UAESaturday 20 January 2018

Drake & Scull secures contracts worth Dh318m

The Dubai contractor has been appointed to three construction jobs in Abu Dhabi and Saudi Arabia.

Drake & Scull International has been awarded three construction jobs worth a total of Dh318.5 million (US$86.7m).

In a stock market announcement yesterday, Dubai's second-biggest contractor, which specialises in mechanical engineering and plumbing operations, said it had won three contracts to install mechanical, electrical and plumbing (MEP) works in a trio of schemes in Abu Dhabi and Saudi Arabia.

In Abu Dhabi, DSI said it had won a Dh118.5m contract to install utilities in new government offices in the city centre, and a Dh118.5m contract for similar work at a 10-storey office and hotel tower. The company said it expected to complete both projects by the end of next year.

In Saudi Arabia, the company said it had won an 83m Saudi riyals (Dh81.2m) contract to install utilities in 58 office buildings in the city of Taif in the country's western province. DSI said it expected to complete the works between July and September next year.

"The new MEP projects add momentum to our business strategy across the GCC, particularly in the Kingdom of Saudi Arabia and Abu Dhabi, which are among the priority markets in our regional growth plan," said Khaldoun Tabari, the chief executive of DSI.

"These projects reinforce our position in the region."

The news comes on the eve of DSI's board of directors meeting scheduled for today.

Investors will be hoping to receive some cheer from the company's third-quarter results after it announced a profits slump in the second quarter.