By Andy Sambidge
Contracting giant says UAE capital continues to add momentum to company's growth plan
Dubai-based Drake & Scull International on Wednesday said it has signed a letter of award to execute a AED251m ($68.3m) engineering contract for a major government facility in Abu Dhabi.
The scope of the contract includes electro-mechanical works of the hardscape and landscape components of the facility scheduled to be completed in 2014, the company said in a statement without giving further details about the project.
The award in Abu Dhabi follows recent contract wins in the emirate including the iconic Fairmont Hotel and the Louvre Museum which were announced earlier in Q3.
Khaldoun Tabari, CEO of Drake & Scull International, said: “We have managed to secure AED6.1bn worth of contracts across the region year to date.
"Abu Dhabi continues to add momentum to our growth strategy in 2013 and we aim to further cement our strategic position in this promising market that represents lucrative potentials to our business streams across all sectors.
"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.”
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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.