By Andy Sambidge
Contract awards total $639m so far this year amid new construction boom in kingdom
Contract awards totalling SR2.4bn ($639m) have been won by construction firm Drake & Scull Saudi so far in 2011, the company has announced.
The MEP arm of Drake & Scull International in the kingdom said its latest deal was a SR352m contract to execute a commercial development project in Riyadh.
The project, due for completion towards the end of 2013, is part of the company's push in industries ranging from education and healthcare to real estate and hospitality.
Its biggest contract for 2011 to date has been the King Abdullah Petroleum Studies and Research Centre project in Riyadh valued at SR2bn.
The latest Saudi National Commercial Bank quarterly review of contract awards in the construction industry revealed that the sector is expected to sustain its solid performance and post over SR10bn in additional projects during Q4.
The total value of awarded contracts during the third quarter reached SR95.1bn, representing a 104 percent increase over the same period in 2010.
Khaldoun Tabari, CEO of Drake & Scull International, said: "At its current pace, the performance of Saudi Arabia's construction sector is matching the strong figures it posted in 2009.
"We are reaping the rewards of this resurgence via major projects and new partnerships that are further cementing our position within our biggest market in the region.
"Riyadh in particular has been a favourable environment for us and we are in fact in the process of closing another deal in the capital which we hope to announce soon."
He said the company had nearly doubled its project win portfolio in Saudi Arabia compared to the previous year.
DSI's Saudi subsidiary has formed alliances with a number of major Saudi developers such as Aramco and Rayadah Investment and is currently exploring opportunities across the kingdom.