United Arab Emirates' Drake & Scull International Wins $162 Million Cooling Project

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Researched by Industrial Info Resources (Sugar Land, Texas)--Drake & Scull International (DFM:DSI) (DSI) (Dubai, United Arab Emirates) recently announced that the company has been awarded its largest infrastructure, water and power project to date. The $162 million project involves the design and construction of a 65-ton district-cooling plant in Durrat Al Bahrain. The project involves the setting up of two plants, one of which will have a capacity of 65 tons of refrigeration. DSI will also build an energy transfer station, metering systems and a pipeline network. According to Tawfiq Abu Soud, Executive Director of DSI's IWP division, the project will start in September 2009 and will take about five years to complete.

Soud also announced that DSI is already involved in more than 35 other projects, which carry a combined commercial value of more than $1.3 billion. The projects are not only in the United Arab Emirates, but are spread across the Middle East and North Africa. DSI was incorporated and listed as a public company on the Dubai Financial Market on March 16, 2009. Al Mal Capital PSC (Dubai) and HSBC Bank Middle East Limited (Jersey) were the joint lead managers for the firm's initial public offering (IPO). The IPO was 101 times oversubscribed and funds of more than $33.75 billion were invested.

In early February 2009, DSI announced that the company had obtained a $10 million infrastructure, water and power project in Khartoum, Sudan. The project involves the design and construction of a central utility plant comprising a chilled water generation facility capable of cooling 4,500 tons of water, a 10-megawatt power generation unit and an electrical substation to serve the whole project. The project contract was awarded by the Wahat Al Khartoum Urban Development Company (Khartoum) and is expected to be completed by December 2009.

DSI was awarded a $39 million mechanical, electrical and plumbing (MEP) contract for the Infinity Tower project in 2006. The Infinity Tower is claiming the title of the world's tallest building with a twist of 90 degrees. Each floor of the helix-shaped building is rotated by 1.2 degrees to achieve a full 90-degree spiral. The project is being developed by Cayan Investment and Development (Dubai) and is scheduled for completion in 2011. DSI's role in the $39 million project involves the supply, installation, testing and commissioning of all the MEP works, including air conditioning, automatic fire fighting, building management system, access control security systems, central emergency lighting, fire alarm system, intercom system, lighting control system, power and lighting, plumbing and drainage, telephone and data, and ventilation.

In August 2008, DSI was awarded the MEP contract for the chilled water plant at Sharjah's Sahara Centre Shopping Mall expansion project by Al Nahda Real Estate and Trading (Sharjah, United Arab Emirates). The contract is valued at $38 million and is scheduled to be executed by December 2009. The expansion involves work on the two basements, the ground floor and six levels of the mall. DSI's role involves the supply, installation, testing and commissioning of the heating, ventilating and air conditioning system, and drainage, fire fighting, plumbing, electrical and small power installations. DSI will also provide engineering, procurement and construction services for an 8,000-ton chilled-water-generation plant.

DSI is one of the most experienced MEP and civil contracting firms in United Arab Emirates. The company owns 80% of civil contractor Gulf Technical Construction Company (Dubai). DSI has designed, built, installed, commissioned and maintained the MEP and civil contracting works of numerous landmark buildings and development projects in United Arab Emirates.

According to a Reuter's news report, DSI expects to announce up to a 25% growth in net profit this year, and the company intends to expand through possible acquisitions worth $136 million. DSI intends to explore opportunities in the large markets of Saudi Arabia and other parts of the Middle East and North Africa. The company plans to enhance its leading position in United Arab Emirates through a combination of organic growth and strategic acquisitions.

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