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Gulf Technical Construction – subsidiary of Drake & Skull Construction- awarded 2 contracts worth AED 484 million

2010-03-11

[Dubai, 10 March, 2010] Gulf Technical Construction Company (GTCC) Dubai, a subsidiary of Drake & Scull Construction (DSC), a newly formed company under Drake & Scull International PJSC (DSI), has been awarded 2 contracts valued at AED 484 million by DAMAC Properties in Dubai.  DSC is the newly-established, regional civil contracting arm of DSI PJSC, set up to manage and control the civil contracting operations of its subsidiaries Gulf Technical Construction Company (GTCC) in Dubai and Abu Dhabi and drive civil construction business development efforts outside the UAE, as well as oversee operations of future civil projects and acquisitions that will play a role in expansion plans for DSI. “DAMAC’s reputation for building iconic projects in desirable locations in Dubai and across the GCC is well known,” said Saleh Muradweij, Executive Director of DSC.  “We feel that we were a natural choice for this project given DAMAC’s eminent association with premium contractors and we look forward to a long and successful working relationship.”  GTCC will begin construction immediately on Lakeside, an eco-friendly residential building comprised of 4 towers located in Dubai’s International Media Production Zone – a project worth AED 371 million - and the 15-storey The Corner – projects worth AED 113 million located in Dubai’s Business Bay.

The civil contracting business stream of DSI, through its subsidiaries, has been operating locally and steadily growing since 2005, and is currently working on different projects across the UAE such as Royal Amwaj Hotel & Resort on The Palm Jumeirah, KPM Tower in Dubai Marina and the Mangrove Place project in Abu Dhabi. “The vision of DSC is to be one of the leading civil contractors in the Middle East, and we are moving forward very quickly,” he continued.  “The creation of DSC was a strategic move devised to help us secure a strong presence both locally and regionally, and streamline our growth in the region’s construction industry.”