Drake & Scull wins three deals worth $40m

Dubai’s Drake & Scull International has signed three contracts valued at a total AED149m (US$40m) for projects in Qatar and India, the contractor said Tuesday.

The firm signed two mechanical electrical and plumbing contracts in Qatar, one for a AED55m hotel apartment project and a AED40m district cooling project. It also secured a AED54m contract for a residential tower project in India.

“Qatar remains a key strategic market for DSI in the region and we expect a stronger momentum of project awards next year as we have not seen many contracts materialise in 2012,” chairman Khaldoun Tabari said in a statement. 

“The new MEP project award in India is the first for us in the residential sector and we aim to further expand in this sector.

“Our Water & Power operations are engaged in many tenders across the country and in 2013 we expect further growth for DSI in the Indian utilities sector through Passavant Roediger, our specialised global waste water and water treatment German subsidiary,” he added.

Drake & Scull, which has been gradually expanding its operations outside the emirate following a slowdown in its once-booming real estate sector, expects to complete the hotel apartment project in February 2014 and the other two projects in November 2013.

The contractor last week sold warrants worth AED147m to Goldman Sachs. The strategic investment, which represents around 8.5 percent of the company’s current market capitalisation, will enable the firm to grow its operations both horizontally and through acquisitions, said Tabari.