Dubai's drake closes in on $300 million Iraq contract - CEO

Dubai’s drake closes in on $300 million Iraq contract – CEO

The contract will be an oil and gas project to build a pipeline in Basra, Iraq, chief executive Khaldoun Tabari told reporters on the sidelines of a conference in Abu Dhabi.

May 22, 2012 9:09 by Reuters

Dubai contractor Drake & Scull , which has shifted its focus abroad after a slowdown in the United Arab Emirates’ property sector, is close to winning a $300 million contract in Iraq, the firm’s chief executive said on Monday.

The contract will be an oil and gas project to build a pipeline in Basra, Iraq, chief executive Khaldoun Tabari told reporters on the sidelines of a conference in Abu Dhabi.

“We are very close to finalising the deal,” he said.

Drake specialises in mechanical, electrical and plumbing (MEP) work and will also bid for the MEP contract in Abu Dhabi’s multibillion dollar airport expansion, Tabari said.

The MEP project is likely to be worth around $1.5 billion and will be awarded after Abu Dhabi signs the main $3 billion contract for the airport, with an Arabtec Holding consortium the preferred bidders for the latter.

Drake, which operates in the Middle East as well as Thailand and Germany, is also eyeing a couple of projects in India and Sri Lanka, Tabari added.

(Reporting by Praveen Menon; Writing by Matt Smith)