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FINANCIAL NEWS
Drake & Scull eyes expansion in Qatar, Saudi Arabia
19 Feb 2010
(MENAFN) Dubai-based Drake & Scull International said that it will spend up to $136 million on acquisitions this year, including acquisitions of three firms, as it continues to expand and weather a downturn at home, Reuters reported.
The contractor, which is specialized in mechanical, engineering and plumbing (MEP) businesses, has been listed on the Dubai Financial Market in March and since then it has been rapidly expanding operations outside Dubai, where house prices have dropped by nearly 60 percent since their peaks in 2008, and where billions of dollars worth of projects have been put on hold or cancelled.
The firm’s Chief Corporate Affairs Officer, Zeina Tabari, said that Drake & Scull has set plans to tap the Qatari market during the first quarter of the year, and the Saudi market in the second and third quarters.
She pointed out that the Qatar acquisition will be an MEP business while the two in Saudi Arabia will be an MEP and a civil construction firm.
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