FINANCIAL NEWS

Drake & Scull set to launch 1st project in Iraq

21 May 2012

(MENAFN) Drake and Scull International’s (DSI) CEO, Khaldoun Tabari, stated that the company is set to begin its first project in Iraq, reported Arabian Business.

Tabari said that the USD300 million pipeline project will be located in the city of Basra.

The CEO noted that the Iraqi project is part of the firm’s strategy to spread its business outside Dubai, its home market; adding that during the first quarter, DSI won a USD27 million contract outside the Middle East and North Africa (MENA) region to provide an intake water system for a thermal power station in India’s Orissa.

Moreover, during the period, the company won USD353 million worth of deals in the MENA region.

It is worth noting that DSI’s first-quarter net income fell to USD10.2 million, compared with USD12.49 million in 2011’s same period.

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