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DSI wins Dh460m contract in Saudi Arabia

DUBAI - Drake & Scull International (DSI), on Wednesday secured a second major contract in Saudi Arabia this week.

In a statement, the Dubai-based company said it has won a Dh460 million contract in Riyadh, bringing its deal wins for the year to over Dh2 billion.

The contract was awarded by Rayadah Investment Company, the investment arm of the Saudi government’s Public Pensions Agency.

The contractor will be working in partnership with Saudi conglomerate Al Zamil Group on mechanical, engineering and plumbing (MEP) works for the Information Technology and Communications Centre (ITCC) in the kingdom’s capital, the DSI said.

It is the company’s second win in Saudi Arabia this week. On Sunday, Drake was awarded a Dh450 million contract for Jawharah project in Jeddah.

“The dynamics of the Saudi market are different from the other GCC markets in which we have been operating; we had to ensure that we adapted our practices to meet the strict requirements of the kingdom’s construction industry, which can be very challenging,” said Khaldoun Tabari, Chief Executive Officer of DSI.

DSI, which specialises in mechanical, engineering and plumbing (MEP) businesses, is planning to buy two Saudi companies this year to tap huge demand for infrastructure and property in the kingdom. DSI recently established Drake & Scull Construction KSA to manage and overlook all of its civil contracting activities in 
the kingdom.

“Following the recent win of DAMAC Jawharah Tower for SR450 million and now the ITCC project, we can proceed in the knowledge that our efforts in the kingdom are starting to pay off and we are on the right track for further development within the Saudi Arabia,” Tabari said.

ITCC is the kingdom’s first “Smart City” which when completed will offer widespread broadband services, the latest in voice and video communication platforms and high-level data security and will operate on a huge optic-fibre cable network designed to give the fastest speeds and accommodate next generation technologies for years to come.

The Dh6 billion overall project will span over an area of 776,000m2 and will include four 20-storey towers, two business technology incubator buildings, a sports club, a clinic, a hotel, a convention centre, a technical college and government 
service buildings.

MEP work on the project has already begun and will be completed in 24 months, the statement said.

“We have already shown that DSI has both the capabilities and the resources to undertake projects of such a high caliber, which is reflected through our current position in the market,” Tabari said.

With a sound track record in the field of MEP contracting already underway, the formation of DSC KSA will allow DSI to demonstrate the integrated capacities of its business streams and form a stronger presence in the market.

“This latest contract win not only strengthens our portfolio and financial standing, but opens up future opportunities for the company as a whole to contribute to the development of major projects across the country, as planned by the government of Saudi Arabia,” Tabari concluded. 


muzaffarrizvi@khaleejtimes.com