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Dubai’s Drake wins deals worth $100 mln in UAE, Oman
Two of the contract wins were in Oman and one in the UAE.
December 13, 2010 2:47 by Reuters
Dubai’s Drake & Scull International has won three contracts worth a total $100 million in the United Arab Emirates and Oman, as its backlog stands at more than $1.5 billion, it said on Monday.
Two of the contract wins were in Oman and one in the UAE, bringing the number of major project wins for the contractor in the Gulf region to 26 since the start of the year, it said in a statement.
“The company’s backlog as of Sep. 30 2010 stood at 5.5 billion dirhams ($1.50 billion), a 66 percent increase over the 3.3 billion dirham backlog recorded at the end of 2009,” it said.
The company has been rapidly expanding its operations outside Dubai where house prices have plunged some 60 percent since their peaks in 2008 as a result of the financial crisis.
Earlier this year Drake, which specialises in mechanical, engineering and plumbing businesses (MEP), bought 65 percent of Drake & Scull International Saudi for 243 million dirhams.
Drake’s shares closed 0.7 percent lower earlier on Monday, outperforming Dubai’s bourse which eased 1.4 percent.
(Reporting by Jason Benham; Editing by Amran Abocar)