Expansion across the Middle East helped to drive full-year profits at Drake & Scull International (DSI) up by 61 per cent.
Net profit rose to Dh185 million as sales surged 47 per cent to Dh4.9 billion at the Dubai-based contractor that specialises in mechanical, electrical and plumbing work.
That helped to increase its order backlog by more than a third to Dh12bn.
“We continue to focus on cost reduction, return on capital and liquidity to drive sustainable performance across all our markets,” said Mukhtar Safi, the DSI chief financial officer. “We will remain selective in the new construction projects we undertake to minimise risk and preserve capital.”
UAE construction companies such as DSI, Arabtec and Depa have been expanding their global footprint amid rapidly rising building activity across the region.
Total planned and unawarded contracts from the GCC region now stand at about US$1.04 trillion according to Meed – or about two thirds of the region’s GDP.
DSI has been extending its reach beyond its specialist origins to pick up larger and more mainstream construction orders, helped by a number of acquisitions in recent years.
This week one of its units won a Dh375 million contract to build The Pointe retail development on the tip of Dubai’s Palm Jumeirah artificial island, close to the Atlantis hotel.
The GCC remains the key growth market for the company, with 42 per cent of its order book originating out of Saudi Arabia.
It has also expanded across the Levant region, with Jordan contributing about 12 per cent of new project awards last year.
DSI hopes to add more projects across the oil, gas and rail sectors in the year ahead.
business@thenational.ae
KILLING OF QASSEM SULEIMANI
'Of Love & War'
Lynsey Addario, Penguin Press
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
