Drake & Scull eyes Djibouti, Vietnam
DSI approves Saudi acquisition, board green-lights further expansion
Drake & Scull International (DSI) has approved the acquisition of a ‘civil entity’ in Saudi Arabia, according to its board.
"Details will be announced once a SPA (sales and purchase agreement) is signed by both parties," the firm said in a statement posted on the Dubai Financial Market Web site. It did not provide any further details about the acquisition.
DSI also said its board has given a green light for management to target projects in Djibouti and Vietnam.
Recently DSI announced its first contract win in Egypt, valued at $127 million, for the mixed-use Nile Corniche Project (NCP) in Downtown Cairo.
The project is being developed by Qatari Diar Real Estate Investment Company, and includes construction of a hotel as well as serviced apartments.
Appointed as MEP subcontractor to the project alongside main contractor Consolidated Contractors Company (CCC), DSI will commence works immediately with a view to completion in 2014, it said.