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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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