Drake & Scull secures $70m loan
Dubai-based Drake & Scull International (DSI) has mandated BNP Paribas for a $70 million three-year credit facility, it said in a statement on the Dubai Financial Market today.
The company will use the loan to finance acquisitions and for general corporate purposes, it added.
DSI made four major acquisitions in 2010, including a 65 per cent stake in Drake & Scull International Saudi, and the full acquisition of its MEP branches in Qatar and Kuwait.
It also established DSI Infrastructure Water & Power, a branch focused on the utilities sector, and Drake & Scull Construction, which is overseeing the civil contracting business outside the UAE.
DSI had in December won contracts for construction projects in Oman and the UAE worth a combined Dh100m ($27.2 million).
Its subsidiary also won a Dh340m contract in the presidential palace in Abu Dhabi.
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