Dubai – Mubasher: Drake & Scull International (DSI) announced that its wholly-owned subsidiary, Drake & Scull Engineering (DSE) has been awarded an AED 334 million mechanical, electrical and plumbing (MEP) project for an upcoming mixed-use hotel and residences building development to be constructed on Dubai’s Palm Jumeirah.

The project which includes a five-star hotel is set to be completed in 2016, DSI said in a filing to the Dubai Financial Market (DFM) on Monday.

Under the terms of the agreement, “DSE will complete the supply, installation, testing, commissioning and handover of detailed MEP works for the leading hotel. The upscale project located on the man-made island consists of three separate buildings of G+7 floors constructed over a common basement and will include a 360-room five star hotel and two residential buildings”, DSI revealed.

Commenting on the award, DSI CEO and vice-chairman Khaldoun Tabari said that the company is pleased to commence its second quarter with such a significant award.

“We achieved nearly AED 5.9 billion in project awards in 2014 across MENA, Europe and Asia and are happy to maintain our streak of winning major projects in our key markets,” said the CEO, adding that the project award is an addition to DSI’s project backlog which grew 20% in 2014, reaching an all-time high of AED 14.4 billion.

“The UAE real estate is viewed as a barometer for the state of the region’s construction sector and we are pleased to note the resilience shown by the real estate industry and the determination of the UAE’s government to sustain the investment into critical infrastructure that is required to meet the needs of the growing population, as well as the upcoming Expo 2020,” Tabari noted.

This award follows another jointly-won by DSI and Al-Habtoor Leighton worth AED 395 million in the Jewel of the Creek project.
DSI’s capital amounts to AED 2.3 billion divided on 2.3 billion shares at par value of AED 1 per share.