Drake & Scull Wins Dhs110m Contract For Abu Dhabi’s Plaza View

Dubai’s Drake & Scull (DSI) announced that it has won an engineering contract worth Dhs110 million for the Plaza View development in Abu Dhabi.

Plaza View is a mixed-use development in the capital and comprises of 20 storeys, which will be used for residential and commercial activities. This is in addition to five levels of basement, ground and mezzanine floors, the company said in a statement.

Al Fara’a General Contracting, the main contractor of the project, awarded the deal to DSI.

As per the agreement, DSI will provide mechanical, electrical and plumbing (MEP) services for the Plaza View project, which is scheduled to be completed by the end of 2016.

The scope of work includes complete engineering detailing, procuring, installing, testing, commissioning and handover of MEP systems.

“With increasing demand for residential and commercial properties in Abu Dhabi, the construction sector in our capital city is expanding rapidly,” said Khaldoun Tabari, CEO and vice-chairman of DSI.

“Abu Dhabi is a vital market for DSI, forming nearly 11 per cent of our backlog. The Plaza View project will be a welcome addition to the portfolio of hospitality projects that we’ve delivered in the UAE in the last 48 years.”

The Dubai-based contractor is working on several projects in the capital including the Abu Dhabi Airport South Airfield Redevelopment, the Louvre Museum and the Fairmont Hotel and Serviced Apartments.

DSI added that its total project awards to date amounted to around Dhs3.7 billion.

But despite a large regional footprint and operations ranging as far as India and Eastern Europe, the firm’s first quarter net profit in 2014 fell by 27.1 per cent to Dhs45.7 million from Dhs62.7 million in the same period last year.

The contractor attributed the decline in profits to unforeseen delays in two major projects in Saudi Arabia.

DSI’s gross profit during the first quarter also fell as the cost of executing contracts rose 3.3 per cent while contract revenue rose by just 2.1 per cent.