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FINANCIAL NEWS
Drake & Scull plans $136m expansion this year
18 Feb 2010
(MENAFN) an executive at Drake & Scull International (DSI) said that the Dubai-based firm has $136.1 million to spend on acquisitions in 2010, which includes three firms, as it continues to expand and weather a downturn at home, Reuters reported.
The company, a contractor which specializes in mechanical, engineering and plumbing (MEP) businesses, has been rapidly expanding operations outside Dubai, where house prices have plunged some 60 percent since their peaks in 2008, and billions of dollars worth of projects have been put on hold or cancelled.
Drake, which is eyeing two new contracts in Abu Dhabi and Kuwait before the second quarter, has won three projects so far this year in Abu Dhabi.
The official declined to give a value for the contracts but said the firm, which won its first contract in Thailand in September, is looking to enter Oman and Egypt this year.
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