Drake & Scull International Kuwait wins 2 contracts totalling over US$24.52 million

Sunday, February 28, 2010

Drake & Scull International for Electrical Contracting Kuwait (DSK) - a prominent player in Mechanical, Electrical & Plumbing (MEP) contracting in Kuwait has been awarded 2 contracts, worth over US$24.52 million, within the education sector in Kuwait City, Kuwait.

These contract wins are the first for DSK since being acquired by Drake & Scull International (DSI) in December 2009.

Khaldoun Tabari, Vice Chairman and CEO of DSI PJSC, commented: “We chose to acquire DSK since the company already has a prominent presence and well-respected reputation in the Kuwaiti market”.

DSI acquired 75% of DSK in late December, 2009, in step with the company’s declaration since its IPO to actively pursue acquisition negotiations in Kuwait, Qatar and Saudi Arabia.

“DSI growth strategy is focused on strengthening our presence in Kuwait, among other markets, and with the help of DSK, we expect to establish ourselves in the Kuwaiti market as leaders in the MEP industry”, said Tabari. “Kuwait’s growing population is making demands on the country to expand its infrastructure, healthcare, and real estate sectors, so we see a lot of potential there”.

Kuwait announced earlier this year a US$104 billion four-year economic stimulus plan. The plan includes spending on major infrastructure development throughout Kuwait that includes the building of roads, airports, hospitals and schools – estimated to be worth over US$20 billion in contract revenue – in addition to the residential and commercial projects that will be needed to meet the demands of the country’s rapid population growth.

“From every angle, DSI sees an abundance of opportunities within Kuwait, and our encouraging start to the year provides a positive insight for 2010”, concluded Tabari. /div>


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