DSI unit wins Dh180m contract
Construction major Drake & Scull International (DSI) subsidiary Gulf Technical Construction Company (GTCC) has won a Dh180-million contract from Reef Residence Real Estate for the Al Reef Residence Tower, located in Jumeirah Village South, Dubai.
Under the terms of the agreement, GTCC will provide civil, architectural, and mechanical, electrical and plumbing (MEP) services on the high rise tower which also includes complete construction work of two basements, a ground floor, and 38 floors.
Despite the announcement on Sunday, DSI shares fell nearly two per cent to Dh0.86 yesterday in line with the decline on the overall index.
The 38-storey tower, dubbed Reef Residence, will be built on the periphery of the JVC development, adjacent to the Els Club Golf Course in Dubai Sport City.
The tower comprises 378 homes, a combination of studio, 1 and 2 bedroom apartments in addition to seven retail units that face the Sheikh Mohammed Bin Zayed Road. Lifestyle amenities include a large, landscaped leisure deck with BBQ areas and a playground, two swimming pools and gym.
The Reef Residence project is developed by Sama Alkhaleej Real Estate Development Company, a wholly owned subsidiary of Reef Real Estate Investment Company. The engineering consultant is National Engineering Bureau and the project is managed by Arcan Project Management Services.
Khaldoun Al Tabari, CEO and Vice-Chairman of Drake & Scull International, said: “The UAE is one of the biggest markets for Drake & Scull Construction (DSC) where GTCC has delivered many landmark projects. Overall, we expect the region’s general contracting business to grow significantly in the near future.”
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