Drake & Scull International, the Dubai-based construction company, said Monday it had won contracts worth AED100m in Qatar.
The project, for an unnamed private residential facility, comes after the company ramped up its operations in Qatar in anticipation of a construction boom ahead of the 2022 World Cup, the company said in an emailed statement.
“We have reinforced the management team…. and upgraded our operational capabilities to meet the rising demand,” said Khaldoun Tabari, CEO of DSI.
“We see a progressive increase in tendering activities and we expect to witness an increased impetus in project announcements in the market.”
The company remains bullish on its expectations for the second half of the year, the statement said.
Drake has been rapidly expanding its operations outside its home market of Dubai, where house prices have plunged some 60 percent since their peaks in 2008 as a result of the financial crisis.
The company said in April it expected to post a 25 to 30 percent rise in 2011 revenue as it focuses on growth markets like Saudi Arabia and India and had not ruled out acquisitions to enter the competitive Indian market this year.
Drake’s order backlog stood at AED7.5bn as of March 31, including AED3.2bn worth of contract wins since the beginning of the year, the company said.
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