Deal worth US $34 million is second in the Kingdom
Drake and Scull International PJSC has announced a 100% acquisition of Saudi Arabia’s International Centre for Contracting Co. (ICC).
The deal, worth US $34 million is the second acquisition in the Kingdom and comes after a string of project wins in Oman, Egypt and Saudi Arabia were announced in Q1.
“With the completion of this latest acquisition, DSI has reached the milestones it set to achieve since its listing in 2009,” said CEO Khaldoun Tabari.
In an interview with The Big Project, Tabari said the acquisition now means the company has the required labour force to undertake major projects in Saudi Arabia.
“With the last acquisition DSI’s current project portfolio stands at AED 8.3 billion. We are confident that the investments made over the last 24 months will yield positive results as we move forward into quarter two 2011,” Tabari added.
“The strategies conceived at the end of 2008 have been highly successful, despite the uncertainties and challenges the construction industry has faced,” he added.
The announcement was made in the same week Tabari received an award for services to the construction industry.