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Drake and Scull wins USD 87 million Saudi and UAE deals
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Thursday, 15 Nov 2012

Drake & Scull International announced that it has been awarded three new contracts amounting to AED 318.5 million for projects in Saudi Arabia and Abu Dhabi.

The contractor said that the mechanical, electrical and plumbing deal in Saudi Arabia is worth SAR 83 million and covers 58 commercial buildings and will be completed in the Q3 of 2013.

The administrative governmental project in the UAE capital, valued at AED 115 million and a AED118.5 million contract for a hospitality development are both scheduled to be completed in the Q4 of next year.

Mr Khaldoun Tabari CEO of Drake & Scull International said that "The new MEP projects add momentum to our business strategy across the GCC, particularly in Saudi Arabia and Abu Dhabi which are among the priority markets in our regional growth plan. These projects likewise reinforce our position as the market leader in the region, while underlining DSI's reputation as the preferred integrated engineering solutions provider of both private and governmental entities. Expansion into Africa and Asia was on track where the company is particularly focusing on the utilities sector.”

In August, the Dubai contractor posted a 49% drop in Q2 net profit, missing analysts' forecasts as high financing costs for acquisitions and increased provisions for contracts ate into profits. The firm which specialises in mechanical, engineering and plumbing operations, made a second-quarter net profit of AED 26.1 million compared with AED 51.3 million in the same period in 2011. The results missed analysts' forecasts who expected Q2 net profit of AED 46.7 million in a Reuters poll.

Source - Arabian


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