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Wed 10 Apr 2013 01:19 PM

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Dubai's DSI wins $49.1m Qatar project deal

Drake & Scull International says work on residential development will start immediately

Dubai's DSI wins $49.1m Qatar project deal
Drake & Scull CEO Khaldoun Tabari.

Dubai-based Drake & Scull International said on Wednesday it has signed an AED180m ($49.1m) mechanical, electrical and plumbing contract for a residential development in Qatar.

Works on the project are due to start immediately with an estimated completion date in the fourth quarter of 2014, the company said in a brief statement.

Zeina Tabari, chief corporate affairs officer of DSI said that more details on the project will be released shortly.

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

It said work will cover substructure and superstructure works within a 260,000 sqm built-up area, containing three superblocks, housing, residential buildings, schools, utilities, offices and retail buildings.

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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