Qatar ’s infrastructure sector to grow , fuelled by IMF forecast of real GDP rise by 7% this year.
Drake & Scull International, Qatar LLC (DSQ), a Qatar based, Mechanical, Electrical & Plumbing (MEP) company, recently acquired by Drake & Scull International PJSC (DSI), announced its first contract win – worth Dh140.2 million (QR139 million) – since DSI acquired it in April 2010. The contract is for a mixed used project located in the Al Sadd district of Doha.
DSI acquired DSQ with the intent of gaining greater access to the construction market in Qatar, which is currently being fuelled by substantial government investment into infrastructure projects, and also to diversify its backlog across its network of regional offices.
“We acquired DSQ in expectation of tapping into the liquid markets of Qatar, so we are very pleased to see rapid progress in Qatar, in line with our horizontal growth strategy,” said Khaldoun Tabari, CEO, DSI.
“This new contract strengthens our position as a regional leader in the MEP contracting industry, while enhancing our access to a broader range of construction opportunities, adding manifold value to our portfolio for the benefit of all our stakeholders,” Tabari added.
According to IMF forecasts, Qatar’s real GDP growth is projected to rise by seven per cent in this year alone, which will result in greater government expenditure on construction and infrastructure
