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DSI establishes Water & Power Subsidiary and is awarded 2 contracts worth AED 182 million

2010-01-14

[Dubai, 13 January, 2010] Drake & Scull International PJSC (DSI), through its Abu Dhabi Subsidiary, has been awarded its first contract of 2010, an AED 64 million Mechanical, Electrical & Plumbing (MEP) contract for Centro Hotel, Capital Center - a hotel by Rotana, the leading hotel management company in the Middle East and North Africa - located in the ADNEC complex in Abu Dhabi. This win follows the success of two previous projects to which DSI Abu Dhabi L.L.C provided MEP services for the Rotana Park complex that includes Park Rotana & Park Arjaan by Rotana and Yas Island Rotana Resort & Centro, both of which were completed last year in Abu Dhabi. “2009 was a challenging year economically for most industries, so we are extremely pleased that our hard work and efforts have brought us the good fortune of acquiring the trust of our clients to work with us repeatedly,” said DSI Vice Chairman and CEO Khaldoun Tabari.  The construction of the 27-floor hotel and office building - a project developed by Crystal Hospitality Investments - has already started and is projected to be completed within a 22-month period. Also, in line with the company’s vertical and horizontal expansion plans, DSI PJSC established a new subsidiary for taking on its current and future water & power projects, under the name Drake & Scull Water & Power L.L.C. (DSWP).  “Infrastructure is undoubtedly one of the basic key elements needed within any community,” said DSWP Executive Director Tawfiq Abu Soud. “There is a guaranteed and non-diminishing demand for water and power that has encouraged us to direct our resources into forming a company solely dedicated to meeting these needs.” DSWP‘s headquarters will be in the UAE, and its operations - specializing in Design & Build, Engineering, Procurement & Construction (EPC) contracts in Water and Power, plus Telecommunications Infrastructure - will extend throughout the MENA region.

Simultaneously with its establishment, DSWP was awarded its first project for 2010, a contract worth AED 118 million, in the prestigious Khalifa A City located in Abu Dhabi. “This great start to 2010 has created a stable platform on which to build what DSI hopes to be a prominent client portfolio in the year ahead, while offering continual growth for our investors,” said Tabari. The contract to develop a 20,000 Tonne chiller plant and two thermal storage tanks with a capacity of 12,500 TRH each was awarded to DSWP for its exceptional engineering capabilities and track record in design, engineering and execution of district cooling plants in Dubai and around the region, including Sudan and Saudi Arabia. Tabari also expressed that he holds a great amount of faith in the company’s latest venture, and that the water and power industry is one that is bound to provide long-term returns on DSI PJSC’s investments.

“The establishment of DSWP is a catalyst for providing a stronger focus on the utilities sector, which has always been a successful sector for DSI.  With 40 years of experience behind us and a reputable name in the industry, we are confident that DSWP will take our position in the market to even greater heights,” he stated.