- DUBAI: Shuaa Capital upgraded Dubai’s Drake & Scull International to “buy,” citing rising backlog and expectations that the company’s acquisition of a Riyadh-based civil construction firm will allow it to grow further in Saudi Arabia.
Last month, Drake & Scull acquired International Center for Contracting Co (ICC), which also has offices in Jeddah and Dammam, for SR128 million, in its bid to expand operations in Saudi Arabia.
“Through the acquisition ... DSI has now achieved its primary strategic objective — to establish a solid execution platform within the kingdom, the largest construction market in the region,” Shuaa said.
Drake, which specializes in mechanical, engineering and plumbing businesses (MEP), has an effective backlog of AED8.5 billion, 88 percent of which is outside Dubai. Saudi Arabia accounts for 51 percent.