Arabian Construction Company has awarded a US $51 million (AED187 million) contract to Drake and Scull International (DSI). It is the third contract in a row which has been won by DSI this year, making the company to lift its total project value to $100.4 million in the first quarter.
DSI Vice-chairman and CEO Khaldoun Tabari, added, "We are very pleased to be able to contribute to the growing market for construction and property development in Abu Dhabi."
He said that the company has also expedited its expansion plans as the Board of Directors of the firm, in principal, has given its nod for creating its two units in line with its efforts to expand its business beyond UAE.
DSI will develop a five-star hotel, designed by Handel Architects, on the Sowwah Island of Abu Dhabi which is expected to be launched not later than first quarter of 2012.
The company has also been looking for opportunities to revive its acquisition plans which were derailed in the past due to slump in the construction sector due to global financial crisis.
