Dubai's Drake & Scull Awarded MEP Contracts Worth $26M in Oman

Tuesday, Jun 19, 2012

DUBAI (Zawya Dow Jones)--Drake & Scull International (DSI.DFM), or DSI, said it has been awarded a series of mechanical, electrical and plumbing contracts in Oman worth a combined 96 million U.A.E. dirhams ($26.1 million).

"The future developments in Oman represent an ideal opportunity for DSI to use its proven engineering technologies and regional experience - particularly in the MEP and water and power domains--to help expedite the growth of Oman's construction industry," said Khaldoun Tabari, Drake & Scull's chef executive, in a statement Tuesday.

The Dubai-based firm noted that the sultanate's construction sector is expected to be worth $3.8 billion in 2012 and has the potential to grow to $5.4 billion by 2016.

"The industry shows particular potential in energy and utilities--two areas where DSI is currently expanding its presence at the international level," DSI said.

The company's shares closed trading Monday 0.5% higher at AED0.80.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com; Twitter: @ZDJnews

(END) Dow Jones Newswires

19-06-12 0515GMT