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Mon 15 Jan 2018 05:02 PM

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Drake unit in talks to win $272m contracts for Al Ain project

Contracting giant says negotiating for major deals on Wahat Al Zaweya residential project

Drake unit in talks to win $272m contracts for Al Ain project

Drake & Scull International (DSI) has announced that one of its subsidiaries is negotiating AED1 billion ($272.3 million) worth of contracts in Al Ain.

Gulf Technical Construction Company (GTCC) is seeking deals on the Wahat Al Zaweya project in Al Ain, a residential project under construction in the emirate.

The MEP contractor said it has also won an AED250 million contract to develop the Nasayem project, which forms part of Wahat Al Zaweya.

Construction works have already begun on the 336-unit villa complex Nasayem project, the company said in a statement.

It added that final negotiations now underway for additional contracts valued at AED750 million, which are expected to be concluded by the end of the first half of 2018.

Rabih Abou Diwan, investor relations director, Drake & Scull International, said: “The new Wahat Al Zaweya contract is a great start towards what we expect to be an invigorated fiscal year marked by steady recovery and further stability.

“DSI is now pursuing accelerated growth and sustained industry leadership through key projects such as this that showcase our unrivalled expertise and the market confidence we continue to enjoy. We expect more of such positive developments in the coming months from GTCC and across all our divisions.”

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