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Tue 16 Apr 2013 01:06 PM

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Drake & Scull wins $180m UAE, Saudi contracts

Dubai contracting firm secures deals for three gov't complexes in Makkah, Abu Dhabi, Sharjah

Drake & Scull wins $180m UAE, Saudi contracts
Drake & Scull CEO Khaldoun Tabari.

Dubai's Drake & Scull International said on Tuesday it has been awarded a set of contracts in the UAE and Saudi Arabia worth AED663m ($180m).

The company said the engineering and general contracting contracts are for three government complexes in Makkah, Abu Dhabi and Sharjah.

DSI said it is currently gearing its operations to mobilise on projects sites immediately.

The estimated completion date for the government facility in Abu Dhabi is Q1 2015 whereas the facilities in Makkah and Sharjah are due for handover in Q4 2013 and Q2 2015 respectively.

Khaldoun Tabari, CEO of Drake & Scull International, said: "Saudi Arabia and the UAE continue to be our main growth markets in the GCC as we have managed to secure a series of consecutive contracts in these areas year to date.

"These latest projects will shortly start contributing to the revenue stream and profitability of the company as productivity on site increases."

The company closed last year with a record high backlog of AED9.1bn.

The contracts are the latest wins for the company which also include a AED180m ($49.1m) mechanical, electrical and plumbing contract for a residential development in Qatar.

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

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.

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