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DSI subsidiary wins AED 198m contract

DSI subsidiary wins AED 198m contract
Drake & Scull
DSI
-2.63% 0.37 -0.01

Dubai-listed Drake & Scull International (DSI) has announced that its subsidiary Drake & Scull Engineering (DSE) has been awarded an AED 198 million MEP contract to carry out engineering works on an upcoming hotel and serviced apartment complex in Dubai.

Construction works for the complex have already begun and are slated for completion in 2017, DSI revealed in its statement, adding that the “package forms a significant part of the iconic project conceived as a mixed-used development which embraces the unique aspects of its prestigious location”.

DSE will deliver its MEP services for a total of five hospitality buildings ranging between 15 and 19 floors, including a hotel and serviced apartments, a ballroom and an attached café; a marina, including four foot bridges and one vehicular bridge, as well as hard and soft landscaping works.

“The objective of the development is to transform the location into a vibrant urban centre and a prominent landmark in the heart of Dubai. The project will set a benchmark for future developments and it will be one of the much sought after addresses in Dubai”, the Company announced

Commenting on the contract, DSI CEO and Vice Chairman Khaldoun Tabari, said: “The prominent hotel project award is of great significance to the DSI Group as it gives us a promising start to 2015. We are honoured to have been selected as the client’s MEP contractor of choice. We are looking forward to working closely with the Client, Consultants and the Main Contractor to deliver the project in a timely manner and to the highest standards of quality, safety, and sustainability. This new award signifies the trust shown to Drake & Scull by prominent clients over the years for the delivery of high-end hospitality projects. It complements our excellent portfolio of landmark developments and further cements our position as one of the leading Engineering solutions providers in the region.”

Meanwhile, DSE Managing Director Ahmad Al Naser noted that “DSE is delighted to start 2015 on a very positive note, after a highly successful 2014 where we picked up nearly AED 5.5 billion worth of projects across MENA and Asia. We are committed to playing a key role in the ongoing preparations for World Expo 2020 through our involvement in several iconic additions to Dubai’s landmarks. The hotel complex is an ambitious and fresh project that will enable us to showcase DSE’s exceptional engineering expertise and help augment Dubai’s hospitality and M.I.C.E. portfolio."

DSI's capital amounts to AED 2.3 billion divided on 2.3 billion shares at par value AED 1 per share.