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Wed 5 Feb 2014 12:10 PM

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Dubai's Drake and Scull wins $87.5m Saudi contract

Deal is equivalent to almost 10 percent of the company's 2012 revenues

Dubai's Drake and Scull wins $87.5m Saudi contract

Dubai's Drake and Scull said on Wednesday it had won a contract worth 328 million riyals ($87.46 million) to do mechanical, electrical and plumbing works at King Saud University in Riyadh.

The company will design, install, test and commission complete electro-mechanical works for three buildings at the university's Endowment Projects, it said in a bourse statement.

Work on the project will be completed by 2015, it said.

Drake and Scull's shares jumped as much as
7.5 percent to a record high of AED1.71 ($0.46) on the back of the announcement. The contract is equivalent to almost 10 percent of
the company's 2012 revenues, and may also represent a strategic step for the
firm in developing its Saudi Arabian business.

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