Drake & Scull wins US $43m Oman government deal
Expanding MEP contractor continues flurry of contract wins from 2010
Drake & Scull International (DSI) PJSC, the MEP contractor that is expanding in the region, has won a contract worth AED 160 million for a government project in Oman.
DSI will be responsible for the complete MEP works, including the design, supply, installation, testing and commissioning for the prominent government project.
“We are pleased to begin the year on a positive note with this major project win, which demonstrates that the investments made over the last year have significantly solidified our presence in the region,” said CEO Tabari, who in December 2010 revealed that the company’s backlog of work was worth AED 5.5 billion in September, up two thirds on that of last year.
It managed to secure additional contracts worth AED 800 million in the last quarter of 2010, the company has stated.
Dubai-listed Drake & Scull International has undertaken an aggressive expansion plan across the Middle East to capture the projects arising from emerging markets. It made a number of acquisitions last year, including the full buy-out of its Qatar and Kuwait subsidiaries and a 65% stake in Drake & Scull International Saudi. It has also grown organically, with new offices in Oman and Syria.
It also established Drake & Scull Construction, an entity that houses all civil work undertaken by the company outside the UAE, as well as Drake & Scull Water and Power, which was established to manage and control all existing and new water, power and Infrastructure projects across the MENA region
“The future outlook for DSI is promising as we look to venture into new geographical markets such as Iraq, India and North Africa and consider entering into sectors such as oil and gas which complement our existing portfolio,” added Tabari.
In a recent CW interview, Saleh Muradweij, executive director of GTCC, a subsidiary focused on UAE-based civil projects, said the company has bolstered its risk management team to improve the assessment of working in each new, particularly African, markets. He said Libya presented a number of potential for the company.
Last night it emerged that Drake & Scull International was in the running to construct commercial buildings for Saudi Aramco’s energy research complex in Riyadh.