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Saudi market tops backlog; plans to expand in Egypt - DSI

Saudi market tops backlog; plans to expand in Egypt - DSI
Drake & Scull
DSI
-2.63% 0.37 -0.01

 

By: Amr Fouad

Dubai – Mubasher: Drake and Scull International (DSI), listed on the Dubai Financial Market (DFM), has announced winning an award worth AED 82.5 million to execute a healthcare project in Abu Dhabi.

An official source told Mubasher that the Gulf region makes up 70%-75% of DSI’s total backlog of AED 15.2 billion. Saudi Arabia accounts for the largest share of the Company’s backlog projects with around 40% or AED 6.2 billion, the source revealed.

DSI Chief Financial Officer (CFO) Mukhtar Safi previously said that it was expected that net income pressure would continue until negotiations between the Company and its top client in Saudi Arabia are concluded.

DSI is planning to expand its presence in Egypt, the source revealed, adding that the country accounts for 10% of DSI’s backlog. The Company is set to focus on the Egyptian market in 215, they added.

Earlier this year, DSI inked an agreement with Egyptian firm Carbon Holdings in May 2014 as part of the Tahrir Petrochemical Corporation (TPC) development project located at the entrance of the Suez Canal in Ain Sokhna, Egypt.

On another note, the UAE accounts for 18% or AED 2.7 billion of DSI backlog, the source revealed.

DSI announced on Monday that it has succeeded in raising its backlog projects in 2014 to reach AED 5.6 billion; this follows the Company winning an Abu Dhabi healthcare award, thus raising its total backlog in the Middle East, North Africa, Asia and Europe to AED 15.2 billion.

Moreover, Ahmed Al Nasser, CEO of Drake and Scull Engineering (DSE), a DSI subsidiary, noted that the demand for high-quality healthcare services is set to increase amid the expected increase in the country’s population owing to the expected growth in the real estate sector added to the UAE hosting the Expo 2020.

 

Translated by: Nada Adel Sobhi

 

Photo Credit: Arabianeye-Reuters