Tuesday, May 21, 2013
DUBAI (Zawya Dow Jones)--Dubai's Drake & Scull International (DSI.DFM) said its general contracting unit has won a 1.73 billion Saudi riyal ($460 million) contract from Lamar Investment and Real Estate Development Co. in Saudi Arabia.
DSC Saudi Arabia will oversee and undertake construction work on the Lamar Towers project in Jeddah, Saudi Arabia, the company said in a statement on the Dubai Financial Market website Tuesday. The project, halted in 2009, was restructured and refinanced in 2013 and is now expected to be completed by the end of 2015, it said.
"The Lamar Towers Project is a very important vote of confidence in the technical capabilities and specialized expertise of Drake & Scull International in KSA," Khaldoun Tabari, the chief executive of DSI, said in the statement. "We will continue to consolidate our expertise, technologies and resources as we support the on-going boom in KSA's construction and real estate landscape," he added.
DSI secured AED1.1 billion worth of work in Saudi, Qatar and Abu Dhabi in the first quarter of this year and has said it is looking at more project awards in the second quarter from these markets. The company reported a 47% on year rise in first quarter net profit as revenues grew and margins improved. The MEP unit of its engineering business generated 46% of the quarterly revenues at a 7.5% net margin, the company said.
DSI shares closed Monday down 2.9% at AED1.01.
Write to Brinda Darasha at brinda.darasha@dowjones.com
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(END) Dow Jones Newswires
21-05-13 0526GMT
