Drake & Scull to list in Dubai on Mar 16

LISTING DATE: Drake & Scull will list of the DFM on March 16. (Getty Images)

Contracting giant Drake & Scull International (DSI) will be listed on the Dubai Financial Market (DFM) on March 16, company bosses have announced.

DSI, a leading UAE-based end-to-end service provider of MEP contracting, infrastructure, water and power (IWP) and civil contracting services, is currently working on 35 projects worth in excess of AED5 billion across the UAE in addition to new projects in Saudi Arabia and Sudan.

Khaldoun Tabari, CEO and vice-chairman, said the listing would enable the company to become "a key player in the contracting industry due to its strong financial position and focused growth strategy" and "the main focus of our strategy is to expand across the MENA region".

The company is one of the few in the Gulf region actively recruiting staff during the economic slowdown.

More than 400 MEP and civil contracting professionals attended an open-day recruitment drive held by the company last week and 100 have been shortlisted for possible jobs.

In July 2008, DSI offered 55 per cent of the shares to the public. The shares were priced at AED1 each plus an offering cost of AED0.02 per share, with a minimum subscription of 20,000 shares, Emirates Business reported on Thursday.

More than 45,600 subscribers applied for DSI shares, investing funds of approximately AED124bn.

Post-listing and board approval, DSI said it was seeking to acquire three companies in Qatar, Kuwait and Saudi Arabia.

It has also in the process of signing up two letters of intent for IWP projects in Sudan and Libya.

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