Drake & Scull International Secures AED 251 Million Engineering Contract in Abu Dhabi

[UAE, 11 September, 2013] Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil and Gas, signed today a letter of award to execute a AED 251 million Engineering contract for a major government facility in the Emirate of Abu Dhabi.

The scope of the contract includes electro-mechanical works of the hardscape and landscape components of the facility scheduled to be completed in 2014. The recent award in Abu Dhabi marks a series of impressive contract wins in the emirate including the Iconic Fairmont Hotel and the Louvre Museum announced earlier in Q3 2013.

Commenting on the award Khaldoun Tabari, CEO of Drake & Scull International said, “We have managed to secure AED 6.1 Billion worth of contracts across the region year to date. Abu Dhabi continues to add momentum to our growth strategy in 2013 and we aim to further cement our strategic position in this promising market that represents lucrative potentials to our business streams across all sectors. We remain optimistic on our growth prospects in the second half of the year and our focus remains on delivering on our record high backlog standing at AED 11.7 billion as of the 30th of June 2013.”

DSI continues to enhance and strengthen its services offering with unmatched vertical integration and global footprint. The company successfully achieved total Revenues of AED 2.567 billion and total Net Profit of AED 114.9 million for the first half of 2013 ended June 30th.

Total project awards year to date reached AED 6.1 billion in KSA, UAE, Qatar, Jordan and India. The Order Backlog reached a record high closing at AED 11.7 billion as of the 30th of June representing a 58.1% growth compared to AED 7.4 billion recorded during the same period last year. The collaborative capabilities of the Engineering services (MEP and Water and Power), General Contracting, Oil and Gas, Rail and Infrastructure development continue to deliver strong performance quality work on project sites. Armed with a multicultural workforce, inherent financial strength and solid regional experience, the company's outlook remains positive in terms of realizing greater profitability and improving productivity across MENA, South Asia and Europe