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FINANCIAL NEWS
Dubai’s DSI secures USD720m contract in Saudi Arabia
15 Dec 2012
(MENAFN) Dubai-based engineering firm Drake & Scull International (DSI) announced that its joint venture with Arabian Construction Co secured a USD719.96 million contract in Saudi Arabia, Reuters reported.
The contract was awarded by Saudi top developer Jabal Omar, and involves the construction of the third phase of the Jabal Omar development in Mecca, Drake said in a statement on Dubai’s bourse.
The third phase of the Jabal Omar scheme will involve the construction of four hotel towers with a total built up area of 400,000 square metres. The Towers will also include a five-star and three-star hotel.
DSI, which has been gradually expanding its operations outside of Dubai, said its share will be 50 per cent of the overall value of the contract.
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