Drake & Scull eyes 25% growth amid slowdown

Drake & Skull International, the Dubai-based construction engineering contractor, expects 25 percent growth in profits and revenues this year, its vice chairman and CEO told Arabian Business in an interview.

Khaldoun Tabari said growth last year was between 40-60 percent and said despite the slowdown he still expects 25 percent “organic growth” for the firm this year.

“We had 40-60 percent growth last year and of course it was a contractor's paradise. [This year] we still expect reasonable growth. We are actually looking at 25 percent growth this year, in terms of profit and in terms of revenue.”

The UAE’s construction sector has suffered a sharp slowdown as developers have canceled or postponed projects.

According to estimates the value of the Gulf’s construction industry has more than halves from $1.5 trillion in July to $698bn.

The company, a mechanical, engineering and plumbing firm, began trading on the Dubai Financial Market in March.

Tabari said the firm was looking to acquire four companies in the GCC; two in Saudi Arabia, one in Kuwait and one in Qatar.

“We are looking to acquire. I believe it will take some time – we will announce in the third quarter. They are still in the due diligence stage...There are three MEP contractors and the one will be civil to compliment our Gulf Technical Construction Company brand. These companies will of course add revenues.” 

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