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DSI wins Qatar contract worth over AED 140 million

2010-05-11

Drake & Scull International Qatar L.L.C. (DSQ), a prominent, Qatar-based, Mechanical, Electrical & Plumbing (MEP) company recently acquired by Drake & Scull International PJSC (DSI), announced its first contract win, worth AED 140.2 million (QR 139 million), since DSI acquired it in April 2010.The contract win is for a prominent mixed used project located in the Al Sadd district of Doha.“We acquired DSQ in expectation of tapping into the liquid markets of Qatar, so we are very pleased to see rapid progress in Qatar in line with our horizontal growth strategy”, said Khaldoun Tabari, CEO of DSI. DSI acquired DSQ with the intent of gaining greater access to the construction market in Qatar - which is currently being fueled by substantial government investment into infrastructure projects - and to diversify its backlog across its network of regional offices.“This new contract strengthens our position as a regional leader in the MEP contracting industry while enhancing our access to a broader range of construction opportunities, adding manifold value to our portfolio for the benefit of all our stakeholders”, Tabari added. DSQ was established in 2006 and has undertaken a number of prestigious MEP projects in Qatar including the West Bay Complex and QTEL Headquarters, and more recently the New Doha International Airport project (NDIA). As of January 2010, the company’s backlog stood at AED 166 million.  According to IMF forecasts, Qatar’s real GDP growth is projected to rise by 7% in this year alone, which will result in greater government expenditure on construction and infrastructure.