DSI wins first Abu Dhabi contract
Abu Dhabi, May 12, 2009
Gulf Technical Construction Company (GTCC), the civil contracting subsidiary of Drake & Scull International (DSI), has been awarded a Dh400 million ($109 million) project at Al Reem Island, its first contract in Abu Dhabi.
The contract includes an Dh100 million Mechanical Electrical and Plumbing (MEP) contract that will be executed by DSI for the Mangrove Place project on Al Reem Island.
Mangrove Place, developed by Luxury Real Estate Development and financed by National Bank of Abu Dhabi, is located at Shams Abu Dhabi on Al Reem Island.
It is considered to be one of the largest mixed use developments in Abu Dhabi comprising commercial and residential development.
In 2007, GTCC was acquired by DSI to complement its established Infrastructure Water and Power (IWP) services.
The subsidiary’s turnover has rapidly increased from Dh50 million in 2005 to more than Dh400 million in 2008, while the number of its employees has increased from only 150 people in 2005, to a work force of more than 3000 people in 2008 and plans are in place to recruit an additional 2000 employees over 2009.
Saleh Muradweij, executive director of GTCC, said 'winning a Dh400 million mega-project on one of the most luxurious developments in Abu Dhabi is certainly an excellent start for GTCC operations in the capital.'
'It is, yet again, an affirmation of DSI’s technical capabilities, financial strength, and market leadership,' he remarked.
This is the third project win DSI announces in 2009 bringing the total value of DSI projects to an excess of Dh6 billion. The work on the project has commenced and is expected to be completed by end of 2010.
DSI is a leading UAE-based end-to-end service provider of MEP contracting, infrastructure, water and power (IWP) and civil contracting services. On March 16 2009, DSI became the first specialist contracting company to list on the Dubai Financial Market (DFM).-TradeArabia News Service