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FINANCIAL NEWS
DSI completes acquisition of Qatar unit
15 Apr 2010
(MENAFN) Drake & Scull International (DSI) said that it has completed the acquisition of Drake & Scull International Qatar (DSQ), a prominent mechanical, electrical and plumbing (MEP) contracting company in the country, Gulf News reported.
The acquisition strengthens DSI position as a regional leader in the MEP contracting industry and allows greater access to the construction sector in Qatar, which is currently being fueled by substantial government investment.
The decision to acquire DSQ comes following a series of stringent financial and legal due diligence and feasibility studies carried out by Shuaa Capital, PricewaterhouseCoopers and Al Tamimi & Company.
According to IMF forecasts, Qatar’s real GDP growth is projected to rise by seven per cent in this year alone, which will result in greater government expenditure on construction and infrastructure.
DSQ, which was established in 2006, has undertaken a number of prestigious MEP projects including the West Bay Complex and Qtel headquarters, and more recently the New Doha International Airport project (NDIA).
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