Tuesday, Dec 06, 2011
DUBAI(Zawya Dow Jones)--Drake & Scull International said Tuesday its Saudi subsidiary secured a 352 million U.A.E. dirham ($95.8 million) commercial development contract in Riyadh and is in the process of closing another deal in the Saudi capital.
Drake & Scull Saudi, the mechanical, electrical and plumbing, or MEP, arm of Drake & Scull International, or DSI, in the kingdom, will execute the commercial development project in Riyadh which takes the total value of the company's awarded projects in Saudi Arabia to AED2.4 billion year to date, DSI said in a statement on Dubai Financial Market website. The MEP works of the project are due for completion towards the end of 2013, it said.
Khaldoun Tabari, CEO of DSI, said the company is pursuing developments across all provinces of the Kingdom in industries ranging from education and healthcare to real estate and hospitality.
"Riyadh in particular has been a favourable environment for us and we are in fact in the process of closing another deal in the capital which we hope to announce soon," said Tabari.
DSI shares are Tuesday trading down 0.2% at AED0.82 in a negative overall market.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-12-11 0607GMT
