Contractor will oversee and undertake construction work on restarted Lamar Tower project in Jeddah
Drake and Scull International, the Dubai based construction firm, has announced that its general contracting unit has won a $460 million contract in the Kingdom of Saudi Arabia.
The contract win from Lamar Investment and Real Estate Development Company will see DSI Saudi Arabia oversee and undertake construction work on the Lamar Tower project in Jeddah, the contractor said in a statement on Tuesday.
Having originally been halted in 2009, the Lamar Tower project has since been restructured and refinanced in 2013 and is now expected to be completed by the end of 2015, DSI added.
“The Lamar Towers Project is a very important vote of confidence in the technical capabilities and specialized expertise of Drake & Scull International in KSA,” Khaldoun Tabari, the chief executive of DSI, said in the statement.
“We will continue to consolidate our expertise, technologies and resources as we support the on-going boom in KSA’s construction and real estate landscape.”
DSI has secured $299.4 million in work in the GCC, with projects in Saudi Arabia, Qatar and Abu Dhabi, Tabari said. He added that his company was looking for more project awards in the second quarter from these markets.
Earlier this year, the contractor reported a 47% year on year rise in its first quarter net profit, on the back of growing revenue and improving margins. The MEP unit of its engineering business generated 46% of the quarterly revenues, at a 7.5% net margin.