Drake & Scull wins $36.7m Saudi contract
Dubai, March 19, 2012
Dubai contractor Drake & Scull said its Saudi unit has clinched a Dh135 million ($36.7 million) contract to provide turnkey Mechanical Electrical and Plumbing (MEP) solutions to the Assila Towers, a high-profile project in Jeddah.
Al-Saad General contracting, a leading Saudi construction company, is the main contractor of the project which comprises a 5-star hotel and serviced apartments operated by Rocco Forte Hotels (RFH) one of the leading luxury hotel brands in Europe.
Commenting on the win, Drake & Scull CEO Khaldoun Tabari said: 'Jeddah is a particularly important growth market for DSI. We expect commercial development to achieve an accelerated growth pace in Jeddah, being the largest sea port on the Red Sea and the most cosmopolitan of all Saudi Arabian cities.'
'This will in turn drive the growth of construction activities and subsequently increase demand for integrated design, engineering and other specialized construction services.'
Developed by Amias Real Estate on behalf of Saudi holding firm, Assila Investment, the investment arm of Sheikh Mohamad Ibrahim Al-Issa and family, The Rocco Forte Assila Towers is a two-tower mixed-use scheme that includes a 23-storey hotel with 197 rooms and a 17-storey apartment tower containing 82 serviced apartments located on Tahlia Road, within easy reach of the central business and shopping district.
According to Tabari, DSI will mobilize on site shortly and is expected to complete the project by June 2013.
'Analysts have predicted Jeddah’s economy to sustain a healthy growth pace in the long-term, making the city a truly important barometer for our expansion plans in Saudi,' he stated.
“Saudi will continue to be the largest contributor to our backlog and we remain confident and optimistic about our performance across all provinces in the kingdom and especially in Riyadh,” he added.-TradeArabia News Service
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