Drake & Scull Construction wins Saudi contract

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By Ben Roberts and Gerhard Hope

Drake & Scull Construction Saudi Arabia, the civil contracting arm of MEP giant Drake & Scull International (DSI) PJSC in the Kingdom, has won a SR 450 million contract for Al Jawharah project in Jeddah.

Al Jawharah is a 42-storey building located on the Jeddah Corniche under development by Damac. It will include five-bedroom penthouses as well as one, two, three and four-bedroom apartments spread across a built-up area of 87,000m² and has a building deadline of 28 months.

Saleh Muradweij, DSC’s executive director, said: “Being awarded this project and working with such a prominent developer such as DAMAC is a good indication that the newly-formed DSC KSA is off to an excellent start in the Kingdom.”

DSC KSA is the civil contracting arm of DSI PJSC, recently set up to manage and control the civil contracting operations in Saudi Arabia. It will also drive civil construction business development efforts as well as oversee operations of future civil projects and acquisitions.

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Last year DSI PJSC acquired Passavant-Roediger, a German global developer of wastewater, water and sludge treatment technologies, and the Kuwait arm of Drake & Scull International.

This year the company established two new subsidiaries: Drake & Scull Water and Power – which will manage and control all existing and new Water Power and Infrastructure projects – and Drake & Scull Construction, which targets the regional civil contracting expansion in addition to the existing operations in Dubai and Abu Dhabi.

In April 2010, DSI PJSC announced the acquisition of Drake & Scull International Qatar LLC (DSQ) a reputable MEP company based in Qatar, which swiftly followed in two contract wins. In May it established Drake & Scull International Oman.

Last month, DSI’s vice chairman and CEO, Khaldoun Tabari, told reporters that the company is aiming to increase its backlog of work to nearly AED6bn by the end of the year.

The company is not entirely new to Saudi Arabia. Two years ago, for example, Drake & Scull International won an engineering, procurement and construction contract from Zamil Industrial for the District Cooling system within Saudi Iron & Steel Company – also known as Hadeed - a wholly owned Subsidiary of Saudi Basic Industries Corporation.

DSI closed up 0.12% yesterday at AED0.78, down 22 fils from its 2010 peak of AED1.