Dubai construction firm Drake & Scull International is eyeing AED 3.5 billion in new contracts wins before the year end taking its order book to AED 10 billion.

Mr Khaldoun Tabari CEO of DSI said that “We had AED 7.5 billion as of June we have announced AED 10 billion. Let’s hope.”

The Dubai listed company has been rapidly expanding its operations outside of its domestic market where house prices have plunged some 60% since their peak in 2008.

DSI is bidding for work in Saudi Arabia, Kuwait, Qatar, Abu Dhabi, Vietnam and Sri Lanka and won AED 3.263 billion worth of new contracts in the first half of the year. The company ended the Q2 with a total backlog of AED 7.5 billion with Saudi Arabia the major contributor to the backlog with 47% followed by Abu Dhabi at 15% and Dubai at 13%.

Mr Tabari said that DSI still had outstanding receivables, a situation he described as a dilemma specific to the Gulf market. Some are serviceable, some we are [trying to resolve]. This dilemma exists in this market. But if a developer does not have money it is not about us suing him, it’s about us finding a compromise.

He said that we have a company in Libya our capital is still in the bank. Not much capital I think around USD 2 million but you know we’re there. We’re ready. I think we stand a chance of getting some work. Let’s hope it opens up today rather than tomorrow.

(Sourced from www.arabianbusiness.com)