Drake & Scull Saudi the MEP arm of Drake & Scull International PJSC in the kingdom and a regional market leader in integrated design, engineering and the construction disciplines of Mechanical, Electrical and Plumbing, Civil Contracting and Water & Power signed SAR 352 million contract to execute a commercial development project in Riyadh which takes the total value of awarded projects in Saudi to SAR 2.4 billion year to date.
DSI's latest deal involves the execution of all associated MEP works of the project due for completion towards the end of 2013. The company has been pursuing developments across all provinces of the Kingdom in industries ranging from education and healthcare to real estate and hospitality. Its biggest contract for 2011 to date is the King Abdullah Petroleum Studies and Research Centre project in Riyadh valued at SAR 2 billion.
The latest Saudi National Commercial Bank quarterly review of contract awards in the construction industry revealed that the Saudi construction sector is expected to sustain its solid performance and post over SAR 10 billion in additional projects during quarter four. The total value of awarded contracts during the Q3 alone reached SAR 95.1 billion, representing a remarkable 104% increase over the same period in 2010.
Mr Khaldoun Tabari CEO of Drake & Scull International said that "At its current pace, the performance of Saudi Arabia's construction sector is matching the strong figures it posted in 2009. We are reaping the rewards of this resurgence via major projects and new partnerships that are further cementing our position within our biggest market in the region. Riyadh in particular has been a favorable environment for us and we are in fact in the process of closing another deal in the capital which we hope to announce soon."
He said that we have nearly doubled our project win portfolio in Saudi in comparison to Fiscal 2010. The completed acquisitions in the Q1 will further contribute to the growth of the company in quarter four and will drive promising growth across all provinces in the Kingdom in 2012."
