By Andy Sambidge
Drake & Scull International says work on residential development will start immediately
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.