Drake and Scull JV ties up $720mn Saudi deal
Joint venture between DSC and Arabian Construction will build Phase III of Jabal Omar development in Mecca
Arabian Construction Company and Drake and Scull Construction have been awarded a $720mn contract to build Phase III of Jabal Omar.
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A joint venture between Arabian Construction Company and Drake and Scull Construction has been awarded a $720mn contract to build Phase III of the Jabal Omar development in Mecca, Saudi Arabia.
Under the terms of the joint venture agreement, DSC will have a 50% share of the overall value of the contract, the company said in a statement.
The third phase of the Jabal Omar development will involve the construction of four hotel towers, with a total built up area of 400,000m2. The towers will include five star and three star hotels.
Additional information on the project will be announced by DSC in the future.
A wholly owned subsidiary of Drake and Scull International, DSC serves as the general civil contracting unit for the Dubai based firm.
DSI recently announced total revenues of $571mn for the first nine months of 2012. Net profit was recorded at $22.5mn for the same time period, while the company’s order backlog closed at $2.04bn as of September 2012. Total project awards for the year to date had reached $735mn.
