Drake & Scull International PJSC announced the successful completion of the agreement for its second acquisition in Saudi Arabia. DSI PJSC acquired 100% stake of International Centre for Contracting Company for an enterprise value of SAR 128 million.

The announcement follows a string of consecutive project wins in the Q1 of 2011 in Oman, Egypt and Saudi Arabia for a combined valued of AED 2.62 billion.

ICC is a Grade 1 classified prominent contactor based in Riyadh with offices across the kingdom in Jeddah and Dammam. The company has a healthy backlog which stood at AED 800 million as of December 2010. Under the terms of the deal, ICC will be consolidated under Drake & Scull Construction a wholly owned civil contracting subsidiary of Drake & Scull International PJSC.

Mr Khaldoun Tabari CEO of DSI PJSC said that “With the completion of this latest acquisition, DSI has reached the milestones it set to achieve since its listing in 2009. The strategies conceived at the end of 2008 have been highly successful despite the uncertainties and challenges the construction industry has faced.”

Mr Tabari said that the acquisition of ICC reinforces our position as the leading regional provider of integrated end to end contracting services with a clear focus on growth in the Saudi Arabian Market. We are delighted to have the resources both human and technical on the ground in Saudi Arabia that will allow us to service several prestigious projects and target prominent clients in this promising and lucrative market.

He said that with the last acquisition DSI’s current project portfolio stands at AED 8.3 billion. We are confident that the investments made over the last 24 months will yield positive results as we move forward into Q2 2011.