Contracting major awarded contract to build Lamar Towers project in Jeddah
Dubai-based Drake & Scull Construction on Tuesday announced that it has been awarded a SR1.725bn ($459m) contract in Saudi Arabia.
The general contracting arm of Drake & Scull International was awarded the deal by Lamar Investment and Real Estate Development Co to complete the Lamar Towers project in Jeddah.
In a statement to the Dubai bourse, the company said DSC Saudi Arabia will oversee and undertake all aspects of construction works on the project.
The Lamar Towers project was initially launched in 2007, but has undergone some challenges and was halted in 2009.
The project was restructured and refinanced in 2013 attracting a profile of regional and international investors while a new development company was assigned to manage the project with DSI appointed as the main contractor.
The Lamar Towers project occupies a 34,800 sq m plot with a total built up area of 409,770 sq m on Jeddah Corniche, and comprises two-high rise towers sitting atop a 13-floor curved podium.
The commercial and residential towers comprise 57 and 49 storeys respectively and are slated for completion in the fourth quarter of 2015.
Khaldoun Tabari, CEO of Drake & Scull International, said: “The Lamar Towers Project is a very important vote of confidence in the technical capabilities and specialised expertise of Drake & Scull International in Saudi Arabia.
"DSI’s strong focus on premium developments and our commitment to deliver great-value MEP and construction solutions remain the cornerstones of our regional growth strategy.”
Saleh Muradweij, managing director of Drake & Scull Construction added: “The construction of this extraordinary structure is scheduled to be completed by the fourth quarter of 2015 and will be one the most remarkable landmarks in the region. We are delighted to have been chosen to execute this iconic project and to contribute to the landscape development of the city of Jeddah.”
Earlier this month, Drake & Scull International posted a 47 percent increase in net profit for the first quarter of 2013 compared to the same period last year.
The company reported net profit of AED63m on revenues of AED1.227bn which were 58 percent higher than Q1 2012, saying the company had streamlined its operations to cut costs.