ICC is a Grade 1 classified prominent contactor based in Riyadh with offices in Jeddah and Dammam.
The company has a healthy backlog which stood at AED800 million as of December 2010.
Under the terms of the deal, ICC will be consolidated under Drake & Scull Construction (DSC KSA), a wholly owned civil contracting subsidiary of Drake & Scull International.
With the last acquisition DSI’s current project portfolio stands at AED8.3 billion, said CEO Khaldoun Tabari.
"The acquisition of ICC reinforces our position as the leading regional provider of integrated end-to-end contracting services with a clear focus on growth in the Saudi Arabian market," he added
“We are delighted to have the resources — both human and technical — on the ground in Saudi Arabia that will allow us to service several prestigious projects and target prominent clients in this promising and lucrative market,” he said.
Tabari added: “With the last acquisition DSI’s current project portfolio stands at AED8.3 billion, We are confident that the investments made over the last 24 months will yield positive results as we move forward into the second quarter of 2011.”
Wednesday’s announcement follows a string of consecutive project wins in the first quarter of 2011 in Oman, Egypt and Saudi Arabia for a combined value of AED2.62 billion.
