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FINANCIAL NEWS
Dubai’s DSI mulls USD25m Saudi acquisition
25 Feb 2013
(MENAFN) Drake & Scull International (DSI) CEO, Khaldoun Tabari, stated that the company plans a USD25 million acquisition in Saudi Arabia, reported Gulf Times.
Tabari said that the Dubai-based firm will fund the acquisition via proceeds from the USD120 million loan it raised in November.
The amount will be also used to expand presence in North Africa, mainly Algeria, and in India.
The CEO added that in December 2012, DSI’s Saudi venture was awarded a USD720 million contract to set up 4 hotel towers in the city of Makkah.
He said that during the current quarter, DSI forecasts notable growth in contract order backlog and projects to win a contract in Qatar and 2 in Saudi in 2013.
It is worth noting that Drake & Scull supplies engineering services to the construction industry.
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