Iconic project to feature twin towers rising 322 meters and 293 meters on Jeddah's Corniche area

UAE, May 21, 2013: Drake & Scull Construction (DSC) the General Contracting Arm of Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil and Gas, has announced that it has been awarded a SAR 1.725 billion contract by Lamar Investment and Real Estate Development Co. to complete the Lamar Towers project in Jeddah, Kingdom of Saudi Arabia. DSC Saudi Arabia will oversee and undertake all aspects of construction works on the project complemented by the international expertise of the engineering division of DSI KSA assigned to execute all incidentals MEP works.

The Lamar Towers project was initially launched in 2007, however has undergone some challenges and was halted in 2009. The project was restructured and refinanced in 2013 attracting a profile of elite regional and international investors while a new development company was assigned to manage the project with DSI appointed as the main contractor in light of the company's extensive experience in completing some of the largest and most complex projects in the region.

The Lamar Towers project occupies a 34,800 square meter plot with a total built up area of 409,770 square meter on Jeddah Corniche, and comprises two-high rise towers sitting atop a 13-floor curved podium. Tower T1 and T2 measure 322 meters and 293 meters in height and comprise 57 and 49 storeys respectively. When completed in the fourth quarter of 2015 the Commercial and Residential Towers will offer a unique lifestyle at the highest level of living standards, a remarkable stylish housing and a gateway for modern and contemporary businesses in the Kingdom for international companies.

Commenting on the award, Khaldoun Tabari, CEO of Drake & Scull International, 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. The scope of work required for this project highlights DSI's flexibility in managing all types of construction challenges and requirements. DSI's strong focus on premium developments and our commitment to deliver great-value MEP and construction solutions remain the cornerstones of our regional growth strategy. 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."

Saleh Muradweij, Managing Director of Drake & Scull Construction added: "The project will bring together an abundance of high profile engineering experts within our team in the region. We are quite familiar with the unique architectural design of the project as we are currently successfully executing the Jawhara tower in Jeddah which is a project of similar structural scale and engineering complexities. The construction of this extraordinary structure is scheduled to be completed by the fourth quarter of 2015 and will be one the most remarkable landmarks in the region. We are delighted to have been chosen to execute this iconic project and to contribute to the landscape development of the city of Jeddah. "

Drake & Scull continues to enhance and strengthen its services offering with unmatched vertical integration and global footprint. The collaborative capabilities of the Engineering services (MEP and Water and Power), General Contracting, Oil and Gas, Rail and Infrastructure development continue to deliver strong performance quality work on project sites. Armed with a multicultural workforce, inherent financial strength and solid regional experience, the company's outlook remains positive in terms of realising greater profitability and improving productivity across MENA, South Asia and Europe.

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About Drake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide  integrated design, engineering and construction disciplines of  Engineering (Mechanical Electrical and Plumbing (MEP) and Water & Power), General Contracting, Oil and Gas, Rail and Infrastructure, through People, Innovation, and Passion.

DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and India, Thailand, as well as managing projects in Europe and other parts of North Africa.

DSI 's main business streams include Drake & Scull Engineering, which serves as the MEP and Water & Power arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Development, focusing on the  Infrastructure sector.

In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.

DSI has since then used the funds to integrate, establish and acquire businesses that complement its corporate strategy of expansion into new markets, via organic and inorganic growth.

The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.

DSI is a leader through experience, and has established a regional leadership position over 48 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.

DSI has completed many prestigious projects in the region for over four decades, and has helped shape the region's skyline from within.

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© Press Release 2013