x Abu Dhabi, UAEThursday 18 January 2018

Drake & Scull wins deals for three UAE and Saudi sites

Drake & Scull wins a hat trick of government orders in the UAE and Saudi Arabia.

Drake & Scull International (DSI) has been awarded contracts for engineering and contracting valued at Dh663 million (US$180.5m) for government complexes in the UAE and Saudi Arabia.

The company said yesterday it is mobilising to start works on three sites immediately.

Drake & Scull has not revealed any further details about the projects, but said the facility in Mecca was expected to be handed over in the fourth quarter of this year.

The Abu Dhabi complex would be completed in the first quarter of 2015, while the second project in the UAE, in Sharjah, would be handed over in the second quarter of 2015.

"[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," said Khaldoun Tabari, the chief executive of DSI.

"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."

Drake & Scull closed last year with a "record high" backlog of Dh9.1 billion.

DSI secured a Dh82 million contract for the construction of a government utility project in Abu Dhabi last month, and earlier this year it was awarded three contracts by Al Rajhi Bank worth Dh287m to build a cash centre, operations centre and a major data facility in Riyadh.

In total, Drake & Scull secured Dh1.1bn worth of work in Abu Dhabi, Saudi Arabia and Qatar and in the first quarter.

The company said it was poised for "significant growth" in the second quarter as a result of increasing work in the region.