Latest contract win contributes to Drake & Scull International reputation as leading MEP contractor in regional markets
[Dubai, 10 May, 2010] Drake & Scull International Qatar L.L.C. (DSQ), a prominent, Qatar-based, Mechanical, Electrical & Plumbing (MEP) company recently acquired by Drake & Scull International PJSC (DSI), announced its first contract win, worth AED 140.2 million (QR 139 million), since DSI acquired it in April 2010.
The contract win is for a prominent mixed used project located in the Al Sadd district of Doha.
“We acquired DSQ in expectation of tapping into the liquid markets of Qatar, so we are very pleased to see rapid progress in Qatar in line with our horizontal growth strategy”, said Khaldoun Tabari, CEO of DSI.
DSI acquired DSQ with the intent of gaining greater access to the construction market in Qatar - which is currently being fueled by substantial government investment into infrastructure projects - and to diversify its backlog across its network of regional offices.
“This new contract strengthens our position as a regional leader in the MEP contracting industry while enhancing our access to a broader range of construction opportunities, adding manifold value to our portfolio for the benefit of all our stakeholders”, Tabari added.
DSQ was established in 2006 and has undertaken a number of prestigious MEP projects in Qatar including the West Bay Complex and QTEL Headquarters, and more recently the New Doha International Airport project (NDIA). As of January 2010, the company’s backlog stood at AED 166 million.
According to IMF forecasts, Qatar’s real GDP growth is projected to rise by 7% in this year alone, which will result in greater government expenditure on construction and infrastructure.
- End -
About Drake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects across the Middle East & North Africa, through integrated design, engineering and construction disciplines of Mechanical, Electrical and Plumbing (MEP), Civil Contracting, and Water, Power and Infrastructure, through Innovation, People and Passion. DSI established its first office in the region in Abu Dhabi in 1966, and it has since expanded its operations to include offices in Dubai, Jordan, Libya, Thailand and Oman with projects in Bahrain, UAE, Saudi Arabia, Sudan, Thailand and Oman.
In 2009, DSI PJSC expanded its operations by acquiring two companies, in line with the company’s growth strategy: ‘Passavant-Roediger’, a German global developer of wastewater, water and sludge treatment technologies with a presence in 13 countries across Europe, MENA and Asia with over 5,000 installations, and Kuwait-based ‘Drake & Scull International for Electrical Contracting’ (DSK), a prominent player in Mechanical, Electrical & Plumbing contracting in Kuwait.
In 2010, the DSI PJSC expansion efforts continued with the establishment of two new business subsidiaries: ‘Drake & Scull Water and Power L.L.C’ (DSWP), which was established to manage and control all existing and new Water Power and Infrastructure projects across the MENA region, and ‘Drake & Scull Construction L.L.C’ (DSC), which was established to manage and control the regional civil contracting expansion in addition to the existing operations in Dubai and Abu Dhabi. In April 2010, DSI PJSC announced the acquisition of “Drake & Scull International Qatar L.L.C” (DSQ) a reputable MEP company based in Qatar, which further fuelled the company’s horizontal expansion plans allowing it to diversify into new markets and increase its market share in the region.
For further information, please contact:
Drake & Scull International PJSC
Mariana Missakian
Corporate Communications Manager
T: +971 4 8112300
E: m.missakian@drake-scull.ae
OR
Cicero & Bernay Public Relations
Tariq Al-Sharabi
Account Director
M: +971 50 626 5535
T: + 971 4 334 2966
F: + 971 4 334 2977
E: tariq@cbpr.ae