Drake wins $125m Saudi contract
Dubai, July 7, 2010
Dubai-based Drake & Scull International said it won a Dh460 million ($125.3 million) contract in Riyadh, its second win in Saudi Arabia this week, as it taps huge demand for infrastructure and property there.
The contractor will be working in partnership with Saudi conglomerate Al Zamil Group on mechanical, engineering and plumbing (MEP) works for the Information Technology and Communications Centre (ITCC) in Riyadh, it said in a statement on Wednesday.
On Sunday, Drake was awarded an SR450 million ($120 million) contract in Jeddah.
The firm is planning to buy two Saudi companies this year.
With a growing population of over 25 million, 70 per cent of which is under the age of 30, the world's largest oil exporter will need to build one million new homes by 2014, HSBC said in a report last year. – Reuters