DSI secures Saudi Arabia bank job

Middle East contractor Drake & Scull International PJSC (DSI) has announced new contract wins totalling AED 369 million (US$ 100 million) for the construction of three banking facilities in the Kingdom of Saudi Arabia and a utility project in Abu Dhabi, UAE.

Al Rajhi Bank has contracted DSI to construct the bank’s cash centre, operations centre and a major data centre facility in Riyadh. The combined value of the three projects is AED 287 million (US$ 78 million).

DSI has also secured an AED 82 million (US$ 22 million) contract for the construction of a government utility project in Abu Dhabi.

Saleh Muradweij, executive director of Drake & Scull Construction, said, “These projects are indicative of the favourable market conditions and the aggressive pace of development being undertaken across the public and private sectors in two of our main growth markets.

“DSI’s broad expertise in general contracting and our deep understanding of the regional construction landscape will allow us to deliver on time our new contracts with Al Rajhi Bank in KSA and the utility project in Abu Dhabi.”

DSI closed 2012 with a record high backlog of AED 9.1 billion (US$ 2.4 billion) as of the 31 December. The company is poised for significant growth in 2013 and has managed to secure AED 1.1 billion (US$ 299 million) worth of work in KSA, Qatar and Abu Dhabi so far this year.