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Mon 16 Sep 2013 01:59 PM

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Dubai's Drake wins $348m Algerian contract

Construction unit hired to build mixed-use development in North African country

Dubai's Drake wins $348m Algerian contract
Khaldoun Tabari, CEO of Drake & Scull International.

A unit of Dubai-based Drake & Scull International said on Monday it has won a billion dirham contract in Algeria.

Drake & Scull Construction, the general contracting arm, said in a statement that it had been awared a general construction contract worth AED1.28bn ($348m) to develop a turnkey mixed use development project in Algeria.

No further details were disclosed and Zeina Tabari, chief corporate affairs officer of DSI said that more details on the project will be released shortly.

Last week, Khaldoun Tabari, CEO of Drake & Scull International, said the company had secured more than AED6bn worth of contracts across the region year to date.

"We remain optimistic on our growth prospects in the second half of the year and our focus remains on delivering on our record high backlog standing at AED11.7bn as of the 30th of June 2013,” he said.

Last month the company said its second-quarter net profit rose 63.1 percent, beating analysts' estimates on new project wins and improved operating margins.

Drake, which specialises in mechanics, engineering and plumbing, reported a net profit of AED52.2m ($14.2m) for the quarter ended June 30, compared with a profit of AED32m in the corresponding quarter in 2012.

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