DSI subsidiary to complete work on 25 storey Binary tower by early 2014
Drake and Scull Construction announced on Sunday that it had signed a $54.45m contract for the construction of the Binary commercial tower in Dubai’s Business Bay.
The subsidiary of the UAE based Drake and Scull International will cover all associated construction works required for the completion of the 25 storey tower. Omniyat, the Dubai based real estate company, is the main developer of the project.
“The Binary agreement reflects our successful and continuous growth in this line of business and gives us cautious optimism about the construction industry outlook in the UAE. We have already mobilised on site and have commenced work, with an estimated completion date set in early 2014,” Saleh Muradweij, managing director of Drake and Scull Construction.
Since its inception in 2010, DSC has achieved strong and consistent performances, Muradweij said. He added that the company had successfully transformed from a UAE based contractor to one that operated with footprints in the Kingdom of Saudi Arabia, Qatar and North Africa within the space of one year.
“We have been able to secure some key developments that we have been eyeing over the past months as part of our efforts to increase our market share in the civil business across the MENA region,” Muradweij explained.
This emphasis on regional diversification has proved to be highly beneficial for DSC, with projects in Saudi Arabia increasing and a $230m deal signed for a major project in the Algerian market.