DSI unit clinches Abu Dhabi housing project
Abu Dhabi, September 6, 2010
Drake & Scull International (DSI) said one of its subisdiaries has won a Dh140 million ($38.1 million) turnkey project to build labour accommodation for a prominent governmental body in Abu Dhabi.
DSI said its unit Gulf Technical Construction Company (GTCC) Abu Dhabi clinched the turnkey project from the newly established Campco Properties.
The project is a G+2 labour accommodation building with an area of 49,425 sq m and will accommodate 5,000 workers when completed in November 2011, the company added.
GTCC Abu Dhabi is the main contractor of the project and will oversee the complete construction of the accommodation building in Al Dhafra, Abu Dhabi, said DSI chief executive officer Khaldoun Tabari.
'This latest project win is a materialisation of our diversification strategy and expansion plan; and it represents a new entry into a promising and lucrative market niche for the company,' he noted.
'The Abu Dhabi 2030 economic vision is encouraging development across the emirate, resulting in exponential industrial and infrastructure growth in the market and a need for larger accommodation camps,' he added.
Established earlier this year, in partnership with Buhairan Limited Company and Drake & Scull International Abu Dhabi, Campco Properties was formed as part of DSI’s diversification plan which has been strategically designed to secure reach to new industries and penetrate lucrative and unexplored market niches.
Commenting on the new company, Tabari said: “Campco is already contributing to our backlog growth and we anticipate further project endorsement in this market segment through our subsidiaries in the UAE.”-TradeArabia News Service