Drake & Scull aims for stock listing

Drake & Scull International is aiming to be listed on the Dubai stock market, executive director Khaldoun Tabari has exclusively revlealed to MEP Middle East.

TABARI: Further regional expansions planned.
TABARI: Further regional expansions planned.

Drake & Scull International is aiming to be listed on the Dubai stock market, executive director Khaldoun Tabari has exclusively revlealed to MEP Middle East.

"We have already filed for our IPO (Initial Public Offering) and are seeking approval from ESCA (Emirates Securities and Commodities Authority)," Khaldoun stated. The firm hopes to gain approval for listing on the Dubai stock market by Q2 of 2008.

It's a very important issue for a company like ours...it adds a huge dimension to our activities," he added.

Drake & Scull International (Middle East) is one of the largest MEP contractors operating in the Gulf and has divisions in Dubai, Abu Dhabi, Qatar, Bahrain, Kuwait, Oman, Egypt and Jordan.

The firm is planning further expansions in its activities during 2008, with a recent move into Saudi Arabia already gaining project wins in the Kingdom for the firm.

Drake & Scull announced a US $33 million (KD9 million) contract win in Kuwait during January. Under the contract with the Public Authority for Applied Education and Training (PAAET) the firm will provide the complete MEP services for the College of Basic Education, Boys Campus, Kuwait.

The $130 million project comprises the design and construction of 15 three-storey buildings that include educational facilities, learning resources, an administration building, recreational facilities and car parks.

The contractor's scope of works will include a central air conditioning and ventilation system; domestic water services; a drainage system; electrical power distribution and the telecommunications system.

The college will be located near Kuwait Jaber Al Ahmmed Stadium, Ardiya. It is scheduled for completion in November 2010.

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