Dubai contractor Drake and Scull International PJSC (DSI) is aiming to increase its backlog of work to nearly AED6 billion ($1.6 billion) by the end of the year and is pushing ahead with its international expansion plans, the CEO of the construction company told reporters on Wednesday at a media roundtable in Dubai. Khaldoun Tabari, vice chairman and CEO of contractors Drake and Scull International PJSC, said he expects the company's second quarter results to “be better than quarter one” as its backlog of projects comes to fruition. In May, the Dubai contractor posted a 39 percent drop in quarterly profit to AED42 million ($11.43 million) for the first three months of the year. Tabari said he was expecting DSI to have a “bullish” 2010 and its “backlog is about 30 percent higher than the same backlog last year on the same date.” “We look to have a backlog of five to AED6 billion by the end of the year and I think we are on target to do that.” DSI, which specializes in mechanical, engineering and plumbing (MEP) businesses and listed on the Dubai bourse in March 2009, is planning to push ahead with its expansion plans and is focusing on Saudi Arabia, India, Syria and Egypt. Last month, DSI established its newest subsidiary, Drake and Scull International Oman and announced the securing of two government projects, and Tabari said it is currently in the process of setting up offices in Syria and will be announcing the securing of its first contract there soon. In the Kingdom, the company is planning to acquire two companies and will soon also announce the winning of two new contracts. “We will be buying an MEP company and a civil company. It could be early third quarter, while the civil will take a few months after that,” Tabari said, while adding that DSI was planning to spend up to AED700 million ($190.5 million) on its acquisitions in Saudi. It is also close to securing a Saudi MEP contract and a civil contract for a 40 storey civil contract in Jeddah.
