| 28 Feb 2010 |
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DSI Kuwait Wins 2 Contracts Totalling Over AED 90 Million
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Dubai, 28 February, 2010: Drake & Scull International for Electrical Contracting Kuwait (DSK) - a prominent player in Mechanical, Electrical & Plumbing (MEP) contracting in Kuwait has been awarded 2 contracts, worth over AED 90 million, within the education sector in Kuwait City, Kuwait. These contract wins are the first for DSK since being acquired by Drake & Scull International (DSI)Drake & Scull International (DSI)
PJSC in December 2009.Khaldoun Tabari, Vice Chairman and CEO of DSIDSI PJSC, commented: "We chose to acquire DSK since the company already has a prominent presence and well-respected reputation in the Kuwaiti market".
DSIDSI acquired 75% of DSK in late December, 2009, in step with the company's declaration since its IPO to actively pursue acquisition negotiations in Kuwait, Qatar and Saudi Arabia.
"DSIDSI growth strategy is focused on strengthening our presence in Kuwait, among other markets, and with the help of DSK, we expect to establish ourselves in the Kuwaiti market as leaders in the MEP industry", said Tabari. "Kuwait's growing population is making demands on the country to expand its infrastructure, healthcare, and real estate sectors, so we see a lot of potential there".
Kuwait announced earlier this year a USD 104 billion four-year economic stimulus plan. The plan includes spending on major infrastructure development throughout Kuwait that includes the building of roads, airports, hospitals and schools - estimated to be worth over USD 20 billion in contract revenue - in addition to the residential and commercial projects that will be needed to meet the demands of the country's rapid population growth.
"From every angle, DSIDSI sees an abundance of opportunities within Kuwait, and our encouraging start to the year provides a positive insight for 2010", concluded Tabari.
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About Drake & Scull International PJSC
Drake & Scull InternationalDrake & Scull International PJSC (DSIDSI) is a regional market leader delivering world class quality projects through integrated design, engineering and construction disciplines of Mechanical, Electrical and Plumbing (MEP), Civil Contracting, and Water & Power Infrastructure, through Innovation, People and Passion. DSIDSI 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 and Thailand with projects in UAE, Saudi Arabia, Sudan and Thailand.
In 2009, DSIDSI 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', a prominent player in Mechanical, Electrical & Plumbing (MEP) contracting in Kuwait.
In 2010, DSIDSI PJSC's expansion efforts continued with the establishment of two new subsidiaries: 'Drake & Scull Water and Power L.L.C' (DSWP), which was established to take on all of DSIDSI PJSC's new Water & Power projects across the MENA region, and 'Drake & Scull Construction L.L.C', which was established to take on DSIDSI PJSC's regional civil construction projects outside of Dubai and Abu Dhabi.
Drake & Scull InternationalDrake & Scull International
PJSC Mariana Missakian
Corporate Communications Manager
T: +971 4 8112300
E: m.missakian@drake-scull.ae
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
© Press Release 2010
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