DSI wins AED140m Qatar MEP contract

DSI CEO Khaldoun Tabari.

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Drake & Scull International Qatar LLC (DSQ) has secured its maiden contract, an AED140 million (QR139 million) mixed-used project located in the Al Sadd district of Doha.

This is the first contract win for the Qatar MEP company, acquired by Drake & Scull International PJSC (DSI) in April 2010.

“We acquired DSQ in expectation of tapping into the liquid markets of Qatar, so we are very pleased to see rapid progress in Qatar in line with our horizontal growth strategy,” said DSI CEO Khaldoun Tabari.

DSI acquired DSQ with the intent of gaining greater access to the construction market in Qatar, which is currently being fuelled by substantial government investment into infrastructure projects, and to diversify its backlog across its network of regional offices, explained Tabari.

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According to IMF forecasts, Qatar’s real GDP growth is projected to rise by 7% in this year alone, which will result in greater government expenditure on construction and infrastructure.

“This new contract strengthens our position as a regional leader in the MEP contracting industry, while enhancing our access to a broader range of construction opportunities, adding manifold value to our portfolio for the benefit of all our stakeholders.”

DSQ was established in 2006, and has undertaken a number of prestigious MEP projects in Qatar, including the West Bay Complex and QTEL Headquarters, and more recently the New Doha International Airport project (NDIA). As of January 2010, the company’s backlog stood at AED166 million.