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FINANCIAL NEWS
Oman awards $43.5m deal to Drake & Scull
11 Jan 2011
(MENAFN) Khaldoun Tabari, Chief Executive Officer at Drake & Scull International (DSI), announced that it has been awarded a $43.5 million contract by Oman, for a government project in the Sultanate, Arabian Business reported.
According to Tabari, the mentioned contract which comes in line with DSI’s aim to expand outside of the UAE over the next two years includes the design, supply and installation for the project. However, no further details were given.
The CEO revealed that the Dubai-based engineering contractor had an order backlog valued at $1.5 billion as of September, with an additional $217.8 million worth of contracts made in the last quarter of 2010.
Separately, UAE contractors are branching outside of their home markets after many planned projects were halted amid the global economic downturn. Property prices in Dubai have fallen by 60 percent since their peaks in mid-2008.
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