DSI acquired 100% stake of International Centre for Contracting ICC for an enterprise value of SR128m (£21m).
The announcement follows consecutive project wins in the first quarter of 2011 in Oman, Egypt and Saudi Arabia for a combined valued of AED2.62bn (£437m).
ICC is a prominent contactor based in Riyadh with offices across in Jeddah and Dammam. The company has a order book which stood at AED800m as of December 2010. Under the terms of the deal, ICC will be consolidated under Drake & Scull Construction, a wholly owned civil contracting subsidiary of Drake & Scull International.
“With the completion of this latest acquisition, DSI has reached the milestones it set to achieve since its listing in 2009,” said DSI CEO Khaldoun Tabari. “The strategies conceived at the end of 2008 have been highly successful despite the uncertainties and challenges the construction industry has faced.”
Tabari concluded: “With the last acquisition DSI’s current project portfolio stands at AED 8.3 billion, “We are confident that the investments made over the last 24 months will yield positive results as we move forward into quarter two 2011.”
Drake & Scull International was established in Abu Dhabi in 1966. A merger had originally created Drake & Scull in 1964 in the UK.
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