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Media Center Press
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Drake & Scull International Demonstrate Strong Financial Growth and Business Development in Abu Dhabi
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Dubai, 2 February 2009 – In anticipation of its expected listing on the Dubai Financial Market (DFM),
Drake & Scull International PJSC (DSI) has aggressively been increasing market share and is now involved
in 35 construction projects across the GCC totalling in excess of AED 5 billion. This strong financial
position has been aided by the expansion of its operations into Abu Dhabi through its civil contracting
subsidiary, Gulf Technical Construction Company (GTCC).
DSI – a leading UAE-based end-to-end service provider of mechanical, electrical and plumbing (MEP)
contracting, infrastructure, water and power (IWP) and civil contracting services– was established in
the UAE over 40 years ago. It has grown to become one of the most experienced MEP operators in the region.
In pursuit of its corporate objectives DSI recently set up a further office in Abu Dhabi under
its civil contracting subsidiary GTCC, appointing Ferdinand Erasmus, as Abu Dhabi Area General Manager.
Erasmus’s responsibilities cover the development of GTCC in Abu Dhabi and directing strategies in line
with DSI’s ambitious growth programme: a policy that anticipates entry into Qatar and Kuwaiti markets
after listing |
The success of this policy was manifested recently when GTCC Abu Dhabi was awarded a major residential
project on Al Reem Island, details of which will be released at a later date.
Saleh Muradweij, Executive Director of GTCC and a DSI PJSC board member says: “Abu Dhabi is a rapidly
expanding market with an exceptional potential of growth, in spite of the current economic uncertainties
in the world. Therefore, in line with our growth strategy, we took the decision to embark on a concerted
effort to invest in the Emirate along with other markets across the region.
"Winning this latest contract underscores DSI’s commitment to increasing its market share in Abu Dhabi,
a fact enhanced by GTCC’s competitive advantage of investing in quality staff and refining operating
procedures to provide innovative engineering solutions."
"Our commitment to continually upgrading our activities by adopting novel techniques and delivering projects
as per the clients’ requirements of time, cost and quality has been the backbone to our success,
says Mr Muradweii. “These are very exciting times for us."
As this demonstrates DSI continues to concentrate efforts on following its growth strategy and feels better
able to do so now that raw materials are more widely available and a deeper pool of technical skill can
be sourced should the need arise. This growth and these expansions are not merely a natural upshot of
its strong brand and market leadership but a reflection of the company’s strong cash position which
was greatly bolstered by the success of last year's IPO.
DSI is already well capitalised and given that its forthcoming listing would launch from a position
of financial strength, its continuous exposure to new business over recent months bodes well for its
future financials – and expansion plans. It will therefore be well geared to manage potential
challenges that global financial markets may cause.
The company’s proposed listing reaffirms its commitment to, and positive outlook for, the region – and
the Middle East and North Africa (MENA) as a whole. As such, DSI is set to continue its course by
seizing growth opportunities geographically across the MENA region, and moving into new customer segments
through selective acquisitions and joint ventures.
- ENDS -
About Drake & Scull International PJSC
Drake & Scull International is an integrated end-to-end service provider in the field of electrical
and mechanical engineering and has provided innovative solutions to customers since its inception in
the UAE in 1966. Our expertise in mechanical, electrical and plumbing (MEP) contracting spans
from providing complete solutions through Design and Build to Engineering, Procurement
and Construction (EPC), and civil contracting services across the Emirates as well as maintenance
and operations of District Cooling Plants across the Middle East and North Africa.
For further information, please contact:
Drake & Scull International PJSC
Mariana Missakian
T: +971 4 8112300
E: m.missakian@drake-scull.ae
or
Cicero & Bernay PR
Tariq Al Sharabi
Senior Consultant
T: + 971 4 334 2966
F: + 971 4 334 2977
M: +971 50 626 5535
E: tariq@cbpr.ae
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