Drake & Scull clinches $461m Saudi contract
Jeddah, May 21, 2013
Dubai-based Drake & Scull International (DSI) has won a construction contract worth SR1.73 billion ($461.2 million) from Lamar Investment and Real Estate Development Company to complete its upcoming tower project in Jeddah.
The contract was clinched by DSI's general contracting arm, Drake & Scull Construction (DSC).
As per the deal, DSC Saudi Arabia will oversee and undertake all aspects of construction works on the project complemented by the international expertise of the engineering division of DSI Saudi assigned to execute all incidentals MEP works.
The Lamar Towers project, which was initially launched in 2007, has undergone some challenges and was halted in 2009, said a statement from the Saudi firm.
The project was restructured and refinanced in 2013 attracting a profile of elite regional and international investors while a new development company was assigned to manage the project with DSI appointed as the main contractor in light of the company’s extensive experience in completing some of the largest and most complex projects in the region.
The Lamar Towers project will come up on a 34,800 sq m plot with a total built up area of 409,770 sq m on Jeddah Corniche. It comprises two-high rise towers sitting atop a 13-floor curved podium. Tower T1 and T2 measure 322 meters and 293 meters in height and comprising 57 and 49 storeys respectively.
When completed in the fourth quarter of 2015 the commercial and residential towers will offer a unique lifestyle at the highest level of living standards, a remarkable stylish housing and a gateway for modern and contemporary businesses in the Kingdom for international companies, it added.
Commenting on the win, CEO Khaldoun Tabari said: "The Lamar Towers Project is a very important vote of confidence in the technical capabilities and specialized expertise of DSI in Saudi. The scope of work required for this project highlights DSI’s flexibility in managing all types of construction challenges and requirements."
"DSI’s strong focus on premium developments and our commitment to deliver great-value MEP and construction solutions remain the cornerstones of our regional growth strategy. We will continue to consolidate our expertise, technologies and resources as we support the on-going boom in Saudi’s construction and real estate landscape," he stated.
Saleh Muradweij, the managing director of DSC, pointed out that the project will bring together an abundance of high profile engineering experts within its team in the region.
"We are quite familiar with the unique architectural design of the project as we are currently successfully executing the Jawhara tower in Jeddah which is a project of similar structural scale and engineering complexities," said Muradweij.
"The construction of this extraordinary structure is scheduled to be completed by the fourth quarter of 2015 and will be one the most remarkable landmarks in the region. We are delighted to have been chosen to execute this iconic project and to contribute to the landscape development of the city of Jeddah," he added.-TradeArabia News Service