Monday, Jan 30, 2012
DUBAI (Zawya Dow Jones)--Dubai-based contractor Drake & Scull International (DSI.DFM), or DSI, said Monday its subsidiary Drake & Scull Abu Dhabi won a 127 million U.A.E. dirhams ($34.58 million) contract for the mechanical, electrical and plumbing, or MEP, works for a major government facility in Abu Dhabi.
The subsidiary has signed a letter of agreement for MEP works for a government facility in Abu Dhabi, DSI said in a statement on the Dubai Financial Market but declined to name the project.
The project is DSI's first MEP agreement in Abu Dhabi for 2012, the company said, adding that work will commence immediately on the project while the handover of the facility is expected in March, 2013.
DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and Thailand, as well as managing projects in Europe and other parts of North Africa.
DSI posted a third quarter net profit of AED60 million, up from AED34 million in the same period of 2010 as it secured more projects.
DSI shares closed -1.3% at AED0.87 Sunday on the Dubai Financial Market.
- By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; tahani.karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
30-01-12 0527GMT
