Al Ain contracts worth $272m under negotiation by Drake & Scull unit
GTCC has been awarded a $68m contract to develop Wahat Al Zaweya's Nasayem project, and is in talks with the developer for additional deals worth $204.2m
Gulf Technical Construction Company (GTCC), the general contracting subsidiary of Drake and Scull International (DSI), is at various stages of negotiations for contracts worth $272.2m (AED1bn) in Al Ain.
GTCC is working on these deals with developer Wahat Al Zaweya, which has already awarded the DSI subsidiary a $68m (AED250m) contract to develop its Nasayem project.
In line with the agreement's terms, GTCC has started construction works for the 336-unit project, which will feature 290 three-bedroom and 46 four-bedroom villas.
The contract for Nasayem has been secured and finalised, while final negotiations are underway for additional deals worth $204.2m (AED750m).
These discussionns are expected to conclude in the first half of 2018.
Commenting on the finalised and expected contract awards, Rabih Abou Diwan, investor relations director at DSI, said: "The new Wahat Al Zaweya contract is a great start towards what we expect to be an invigorated fiscal year marked by steady recovery and further stability.
"DSI is now pursuing accelerated growth and sustained industry leadership through key projects [...] that showcase our unrivalled expertise and the market confidence we continue to enjoy.
"We expect more of such positive developments in the coming months from GTCC and across all our divisions."