Dubai's DSI wins $49.1m Qatar project deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Drake & Scull CEO Khaldoun Tabari.

Drake & Scull CEO Khaldoun Tabari.

Dubai-based Drake & Scull International said on Wednesday it has signed an AED180m ($49.1m) mechanical, electrical and plumbing contract for a residential development in Qatar.

Works on the project are due to start immediately with an estimated completion date in the fourth quarter of 2014, the company said in a brief statement.

Zeina Tabari, chief corporate affairs officer of DSI said that more details on the project will be released shortly.

In February, Drake & Scull Qatar, a unit of DSI, won a QR304m ($83.5m) contract for a mixed use development project in Doha.

It said work will cover substructure and superstructure works within a 260,000 sqm built-up area, containing three superblocks, housing, residential buildings, schools, utilities, offices and retail buildings.

Drake & Scull International reported a higher fourth-quarter profit in February as the firm's projects in Saudi Arabia gained momentum.

The company, in which Goldman Sachs bought warrants worth $40m, reported a fourth-quarter net profit of AED46m ($12.5m), the company said in a statement on Dubai's bourse.

Related:

Market Performance

Drake and Scull International
1.46
0.04 2.82 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Qatar's labour requirements

Qatar's labour requirements

Qatar’s Supreme committee has published worker welfare standards...

2
$40bn housing deal may signal Gulf investment push into Egypt

$40bn housing deal may signal Gulf investment push into Egypt

Egypt's economy is recovering only slowly from the turmoil that...

Most Discussed
  • 6
    Revealed: average Dubai apartment, villa price tags

    The villa we rent in a prime area has been on the market for 6 months. Not one buyer has asked to look. Its all very well talking about average prices... more

    Wednesday, 30 July 2014 2:48 PM - chalky6766
  • 6
    What is the best credit card for Skywards miles?

    It's often pointless amassing loads of airline frequent flyer miles, including Skywards, as most airlines offer so few seats for redemption purposes. more

    Thursday, 24 July 2014 1:10 PM - smith
  • 4
    Akbar Al Baker’s double standards?

    In this part of the world, once a person is appointed to a high profile job, he thinks that superior knowledge in every technology, business process and... more

    Wednesday, 30 July 2014 4:30 PM - M. A. Hassan